SB/iStock via Getty Images
- A global online cartoon platform carved out of South Korea’s NAVER – WEBTOON Entertainment (WBTN) priced its initial public offering of 15M shares at $21.00 per share.
- Underwriters have a 30-day option to purchase up to an additional 2.25M shares.
- The gross proceeds are expected to be ~$315M.
- In addition, the company will separately issue 2.38M shares to a subsidiary of NAVER Corporation at a price per share of $21.00, generating an additional ~$50M.
- The shares are expected to begin trading on the Nasdaq Global Select Market on June 27, 2024 under the ticker symbol “WBTN”.
- The offering is expected to close on June 28, 2024.