Webtoon sags below IPO price after first-day jump

Webtoon Entertainment

02/07/2024 12:18

** Shares of online comics platform Webtoon Entertainment
 WBTN.O  down 5% at $20.51 premarket ahead of their fourth
session of trading
    ** WBTN shares breached IPO price for first time on Mon,
falling as low as $20.50, before finishing session down 5.5% at
$21.58
    ** Co, backed by South Korean tech giant Naver  035420.KS ,
raised $315 mln by selling 15 mln shares at $21, top of the
marketed range
    ** Shares closed up 9.5% at $23 in Nasdaq debut on Thurs,
and hit post-IPO peak of $25.66 on Fri
    ** Goldman Sachs, Morgan Stanley, JP Morgan and Evercore led
a 9-firm underwriting group for the IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))