Webtoon's Nasdaq debut sees shares jump 14% (updated)

Webtoon Entertainment

27/06/2024 17:26

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       June 27 (Reuters) - Shares of online comics platform
Webtoon Entertainment  WBTN.O  surged as much as 14.3% above
their initial public offering price in their Nasdaq debut on
Thursday.
    The stock opened at $21.30, giving the company a valuation
of $2.71 billion. The stock traded as high as $24 and was last
trading at $22.86 just after midday.
    The Los Angeles, California-based company raised $315
million by selling 15 million shares in the IPO at $21, priced
at the top end of marketed range.
    Webtoon, backed by South Korean tech giant Naver  035420.KS 
is a storytelling platform that hosts thousands of stories
spanning over 20 genres, including fantasy, romance, comedy and
horror.
    The offering was underwritten by a syndicate of Wall Street
banks led by Goldman Sachs, Morgan Stanley, J.P. Morgan
Securities and Evercore Group.
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Tasim Zahid)
 ((ArasuKannagi.Basil@thomsonreuters.com;))