WEBTOON Entertainment Inc. (WBTN) today announced the pricing of its initial public offering. The Company will offer 15,000,000 shares of its common stock at a fixed price of $21.00 per share. WEBTOON also gave the underwriters the option, valid for 30 days, to purchase up to 2,250,000 additional shares of common stock. This option is exercised at the same price of $21.00 per share, less remuneration for underwriting services.
The company’s shares are expected to begin trading on the Nasdaq Global Select Market on June 27, 2024, under the symbol “WBTN.” The stock offering is scheduled to close on June 28, 2024, provided all standard closing procedures are followed.
Goldman Sachs & Co. LLC and Morgan Stanley are the lead book-running managers for this offering. JP Morgan and Evercore ISI are also the lead book managers. Deutsche Bank Securities, UBS Investment Bank and HSBC are jointly managing the offering. Raymond James and LionTree are the additional managers of the offering.
The total amount WEBTOON expects to receive from this offering, before deducting costs of underwriting services and other offering-related expenses, is estimated to be approximately $315 million. This amount does not include additional funds received from the underwriters’ use of their option to purchase additional shares of common stock. Additionally, WEBTOON will issue 2,380,952 shares of common stock to a subsidiary of NAVER Corporation at the same fixed price of $21.00 per share, resulting in additional proceeds of approximately $50 million.
A registration statement for the sale of these securities was submitted and approved on June 26, 2024 by the Securities and Exchange Commission (the “SEC”). This sale is being made only by means of a prospectus which forms part of the approved registration statement. For a copy of the prospectus relating to this offering, when available, please visit the EDGAR system on the SEC’s website at www.sec.gov, or ask one of the following contacts:
- Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by email at [email protected].
- Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at: [email protected]
- JP Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] et [email protected].
- Evercore Group LLC, Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at [email protected].
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it solicit the sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would not be made. is not authorized by law prior to necessary registrations or qualifications under the securities laws of the applicable state or jurisdiction. Any offers, solicitations for offers or sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
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