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BlackRock Inc., the world’s largest asset manager, had indicated an interest in purchasing up to $50 million in shares of Naver Corp. backed Webtoon Entertainment Inc. in its initial public offering (IPO).
Webtoon Entertainment Inc. owns Webtoon, the massively popular South Korean platform which hosts webtoons and digital comics. It claims to have 170 million monthly active users in more than 150 countries around the world.
Webtoon Entertainment filed for a Nasdaq (American stock exchange based in New York City) listing in May, aiming to capitalize on the growing popularity of webtoons and digital comics worldwide.
According to industry reports, the global webtoon market is projected to reach $56.1 billion by 2028, with a compound annual growth rate (CAGR) of 26.6%.
This move comes on the heels of Blackstone Inc.’s recent $1.7 billion acquisition of Infocom, which owns Japan’s largest e-book platform Mecha Comic.
Notably, BlackRock and Blackstone share common origins, having been founded under the same parent company before diverging in 1994 to pursue different investment strategies. These recent investments highlight the growing interest of major U.S. financial players in the booming webtoon and manga industries.
Webtoon Entertainment (WBTN), backed by South Korean internet giant Naver Corp., announced the pricing of its IPO on June 27, 2024, offering 15 million shares at $21 per share. The company raised $315 million in the first offering.
The IPO closed on June 28, 2024, with Webtoon’s shares climbing 9.5% to $23 apiece. Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group were managing the offering.
After the offering, Naver Corp. retains a majority stake in Webtoon, while Tokyo-based LY Corp. holds about 25% of the shares.
BlackRock Inc. is the world’s largest asset manager, primarily focused on managing investments in stocks, bonds, and other traditional financial assets for institutional and individual clients.
Source: Webtoon Press release, Bloomberg
