Korean tech conglomerate Naver is working with Goldman Sachs and Morgan Stanley to take Webtoon Entertainment—which owns Toronto-based storytelling platform Wattpad—public in the U.S. this summer. The company is planning to raise US$500 million at a valuation of between US$3 billion and US$4 billion, Bloomberg reported. (Bloomberg)
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Korean tech conglomerate Naver is working with Goldman Sachs and Morgan Stanley to take Webtoon Entertainment—which owns Toronto-based storytelling platform Wattpad—public in the U.S. this summer. The company is planning to raise US$500 million at a valuation of between US$3 billion and US$4 billion, Bloomberg reported. (Bloomberg)
Talking point: Naver acquired Wattpad for US$600 million in 2021 and merged its studio division with that of online comics platform Webtoon. Bloomberg analysts said Naver could have difficulty with its IPO, given growing competition in the online comics space—including from tech giants like Apple and Amazon—and the company’s slowing growth forecast. Bloomberg’s sources said the terms of the IPO could change, including the fundraising target, valuation and its debut date, and there’s no guarantee it will go public.
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