It is about webtoon entertainment ipo?

WEBTOON Entertainment Inc. (WBTN) recently completed a successful initial public offering (IPO) of 15 million shares at a price of $21 per share. The IPO raised approximately $315 million in gross proceeds for the company, before deducting underwriting discounts and commissions and offering expenses payable by WEBTOON. This represents a significant milestone for the company, which has been expanding its global presence and content offerings in the digital entertainment space.

1. IPO Details: The IPO was led by Goldman Sachs & Co. LLC and Morgan Stanley, with J.P. Morgan and Evercore ISI acting as active bookrunning managers. Deutsche Bank Securities, UBS Investment Bank, HSBC, Raymond James, and LionTree were also involved as joint bookrunning managers and co-managers. The shares began 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.
2. Company Background: WEBTOON Entertainment is a leading global entertainment company that operates a platform offering access to thousands of Japanese and Korean webcomics and novels. It has a vast user base, with nearly 170 million monthly active users in over 150 countries as of March 2024. The platform also includes web comic and manga app Line Manga, web novel platform Wattpad, and Korean web comic platform Naver Webtoon.
3. Market Opportunity: The 'webtoon' industry, which WEBTOON operates within, is expected to become a $60 billion business by 2030. The company's IPO reflects the growing interest in this space, as more TV and film adaptations are based on webtoon content in genres such as fantasy and romance.
4. Financial Implications: The gross proceeds to WEBTOON from the offering, before deducting underwriting discounts and commissions and offering expenses payable by WEBTOON, are expected to be approximately $315 million, excluding any exercise of the underwriters’ option to purchase additional shares of common stock. Additionally, WEBTOON will issue shares to a subsidiary of NAVER Corporation, generating approximately an additional $50 million.
5. Company Valuation: Should the IPO reach the target set by Naver, WEBTOON would be valued at nearly $2.7 billion.

In conclusion, WEBTOON Entertainment's IPO is a significant event in the digital entertainment sector, providing the company with additional capital to continue its growth and expanding its global reach. The strong investor interest and the company's substantial user base position it well for future growth and innovation in the evolving digital