Naver Webtoon Heads to Nasdaq... Files Securities Registration Statement with US SEC

Naver Webtoon has initiated the process of listing on the US Nasdaq.

원본보기 아이콘

According to the US Securities and Exchange Commission (SEC) and foreign media on the 1st, Webtoon Entertainment, the headquarters of Naver Webtoon and its North American subsidiary, submitted a securities registration statement for an initial public offering (IPO) to the SEC on the 31st of last month (local time).

The registration statement shows that Webtoon Entertainment applied for listing on Nasdaq under the ticker symbol 'WBTN'. Goldman Sachs, Morgan Stanley, JP Morgan, and Evercore are the underwriters. The issuance size and offering price were not disclosed.

Earlier, Bloomberg estimated Webtoon Entertainment's valuation at $3 billion to $4 billion (approximately KRW 4.155 trillion to KRW 5.54 trillion), and projected that the listing could raise up to $500 million (KRW 692.5 billion).

Webtoon Entertainment recorded revenue of $1.2827 billion and a net loss of $144.8 million last year. EBITDA (earnings before interest, taxes, depreciation, and amortization) was $11.7 million.

Kim Jun-gu, CEO of Naver Webtoon, said in a letter enclosed with the registration statement, "This IPO is the fruit of 20 years of effort and a new beginning. Sharing stories, supporting creators, and building communities will continue to be our strategy going forward."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.