Los Angeles-based online comics platform Webtoon Entertainment, which owns Toronto-headquartered Wattpad, plans to list on the Nasdaq. The firm did not disclose an IPO price range, but Bloomberg reported in February that it could raise as much as US$500 million through the initial public offering, valuing it between US$3 billion and US$4 billion. (The Logic, Bloomberg)
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Los Angeles-based online comics platform Webtoon Entertainment, which owns Toronto-headquartered Wattpad, plans to list on the Nasdaq. The firm did not disclose an IPO price range, but Bloomberg reported in February that it could raise as much as US$500 million through the initial public offering, valuing it between US$3 billion and US$4 billion. (The Logic, Bloomberg)
Talking point: Korean tech conglomerate Naver acquired storytelling platform Wattpad for US$600 million in 2021 and merged its studio division with Webtoon’s. Webtoon then acquired Wattpad in June 2023, SEC documents filed May 31 show. Those filings also revealed Webtoon lost US$145 million on US$1.28-billion in revenue last year, both up from a US$133-million loss and US$1 billion in revenue in 2022. Wattpad spokesperson Kiel Hume declined to comment on whether the IPO would affect the company’s operations in Canada or elsewhere. “We are currently in a quiet period and cannot comment beyond the press release or the public filing,” he said by email.
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