Korean web comic giant set for $2.7bn market debut

• Webtoon aims to sell 15 million shares, raising $315 million through its initial public offering (IPO).
• BlackRock, the world’s largest fund manager, has shown interest in purchasing up to $50 million worth of shares.
• Webtoons, which are optimized for mobile reading, have become a major part of South Korean culture, alongside K-pop and Korean dramas.
• The webtoon industry generated $4.7 billion in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting.

Korean web comic giant set for $2.7bn market debut

Webtoon Entertainment, the world’s largest webcomic platform, has pegged its market value at $2.67 billion (£2.11 billion) as it prepares for its US listing. The company’s shares are set to begin trading on the Nasdaq stock exchange on June 27 at $21 each, hitting the top end of their marketed range.

The Los Angeles-based company is owned by South Korean tech giant Naver, which has seen significant growth driven by the increasing global popularity of Korean and Japanese comics. Webtoon Entertainment currently boasts 170 million monthly active users across more than 150 countries, solidifying its status as a global leader in digital comics.

In its initial public offering (IPO), Webtoon Entertainment aims to sell 15 million shares, with the goal of raising $315 million. The IPO has attracted interest from notable investors, including BlackRock, the world’s largest fund manager, which has expressed interest in purchasing up to $50 million worth of shares.

Webtoon Entertainment’s portfolio includes a range of platforms, such as the Japanese web comic and manga app Line Manga, the web novel platform Wattpad, and the Korean web comic service Naver Webtoon. The company offers thousands of titles across various genres, including action, romance, horror, and science fiction.

The webtoon industry, focused on online-only comics optimised for mobile reading, originated in South Korea two decades ago. Since then, it has become a significant cultural phenomenon globally, alongside K-pop and Korean dramas. Webtoons are known for their low production costs and high profitability, as a single artist can create a comic using just a tablet.

The industry generated $4.7 billion in revenue in 2021 and is projected to grow to $60.1 billion by 2030, according to Spherical Insights & Consulting. Webtoon Entertainment’s rapid expansion and success underscore the tremendous potential of the digital comics market.