‘Webtoon Entertainment’ (Naver Webtoon) was listed on the US ‘NASDAQ’ from the 27th local time.
[‘Webtoon Entertainment’ is the parent company of Naver Webtoon, a corporation located in North America]
It is the first Korean content company to be listed on ‘NASDAQ’ and the public offering price was set at a whopping $21.
Initially, ‘Webtoon Entertainment’ presented its desired ‘public offering price’ to the ‘Securities and Exchange Commission’ (SEC) as $18 to $21 per share.
The fact that the ‘SEC’ set the highest price at $21 is evidence of the high interest of Nasdaq investors.
In fact, the world’s largest asset management company, ‘Black Rock’, announced that it plans to purchase up to 70 billion won worth of ‘Webtoon Entertainment’ stocks.
‘Webtoon Entertainment’ aims to raise approximately KRW 440 billion by selling 15 million shares through this IPO.
After listing, the shareholding structure of ‘Webtoon Entertainment’ will be 63.4% with ‘Naver’ being the largest shareholder and exercising the right to appoint directors, while ‘Line Yahoo’ (Naver + Softbank) will hold 24.7%.
With the price per share of this Nasdaq IPO set at $21, the value of ‘Webtoon Entertainment’ is estimated at approximately 3.7 trillion won.
Meanwhile, ‘Spherical Insights & Consulting’ predicts that the global webtoon industry will grow from a market of approximately 6.7 trillion won in 2021 to a market of approximately 83.3 trillion won in 2030.
