Webtoons IPO priced at ‘top end’, valued at $2.7 billion

Webtoons has priced its New York IPO at the top end of the range, setting a valuation of $2.7 billion.

At $21 per share, the new stock market float will raise $315 million for the spin-out from South Korean tech giant Naver.

Described as a “storytech” company, Webtoons has 170 million monthly active users who engage with the Japanese and Korean webcomics, novels and animations it hosts.

Blackrock is expected to cornerstone the IPO, with reports claiming it will take around $50 million worth of shares.

The IPO is being run by Goldman Sachs, Morgan Stanley, JP Morgan Securities and Evercore.