By T. Jayani, JadeTimes News
Webtoon Entertainment, the self proclaimed world's largest web comic platform, has set its market value at $2.67 billion (£2.11 billion) ahead of its US listing. The company's shares are set to begin trading on the Nasdaq stock exchange on June 27, priced at $21 each, the upper limit of their marketed range.
The Los Angeles based company, owned by South Korean technology giant Naver, has benefited from the rising online popularity of Korean and Japanese comics. Webtoon boasts 170 million monthly active users across more than 150 countries.
In its initial public offering (IPO), the company aims to sell 15 million shares, raising $315 million. BlackRock, the world's largest fund manager, has shown interest in purchasing up to $50 million worth of shares.
Webtoon Entertainment also owns the Japanese web comic and manga app Line Manga, the web novel platform Wattpad, and the Korean web comic service Naver Webtoon. It offers thousands of titles spanning various genres, including action, romance, horror, and science fiction.
The webtoon industry, which specializes in online only comics optimized for mobile reading, originated in South Korea two decades ago. Their global popularity has surged, making them a significant cultural phenomenon alongside Kpop and Korean dramas.
Webtoons are inexpensive to produce, as a single artist can create one using a tablet, which can make popular comics highly profitable. The industry generated $4.7 billion in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting.