A Korean comic book giant enters the US stock market today. Webtoon Entertainment has set its market value at $2.7 billion. Its shares will start trading on the Nasdaq exchange at a price of $21, the upper end of its market range. The BBC news server reports.
Number of users
The Los Angeles-based company is owned by South Korean technology firm Naver. The company is benefiting from the growing popularity of Korean and Japanese comics on the Internet. Webtoon says it has 170 million monthly active users in more than 150 countries.
The company plans to sell 15 million shares and raise $315 million in an initial public offering (IPO). BlackRock, the world’s largest fund manager, has also expressed interest in Webtoon’ s shares and plans to invest up to $50 million in the purchase.
Other companies
Webtoon Entertainment also owns Japanese webcomic and manga app Line Manga, web novel platform Wattpad and Korean webcomic offering Naver Webtoon. It offers thousands of titles in various genres – including action, romance, horror and sci-fi.
The webcomics industry, which focuses on read-only comics designed for the internet and optimized for mobile devices, first emerged in South Korea 20 years ago. They have grown in popularity worldwide and have become a major South Korean cultural phenomenon alongside K-pop and Korean dramas.Webcomics can be produced very cheaply. Artists create them using just a tablet, and if the comic is successful, it can be very profitable, the BBC notes.
Source: Czech Press Office
