WASHINGTON (dpa-AFX) - WEBTOON Entertainment Inc., a global entertainment company and home to some of the world's largest storytelling platforms, announced the pricing of its initial public offering of an aggregate of about 15 million shares of common stock at a price to the public of $21.00 per share.
In addition, WEBTOON has granted the underwriters a 30-day option to purchase up to an additional 2.25 million shares of its common stock at the public offering price, less underwriting discounts and commissions.
The shares are expected to begin trading on the Nasdaq Global Select Market on June 27, 2024 under the ticker symbol 'WBTN' and the offering is expected to close on June 28, 2024, subject to customary closing conditions.
WEBTOON expects the gross proceeds from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by WEBTOON, to be about $315 million, excluding any exercise of the underwriters' option to purchase additional shares of common stock.
In addition, the company will separately issue 2.38 million shares of common stock to a subsidiary of NAVER Corporation at a price per share of $21.00, generating about an additional $50 million of proceeds.
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