After filing a prospectus earlier this month, Webtoon Entertainment went public June 27, trading at $21.00 per share, a figure that was at the high end of the expected trading range. The company issued 15 million shares on the Nasdaq market under the WBTN symbol, generating $315 million.

According to the prospectus, Webtoon will receive about $293 million of the $315 million raised in the offering to improve its financial flexibility and for general corporate purchases. The offering also makes shares currently held by 11 company executives and directors worth about $7 million.

In 2023, Webtoon, a leader in webcomics and whose holdings include Wattpad, reported total revenue of $1.28 billion, up 18.8% over 2022. It had a net loss of $144.7 million, up from $132.5 million in 2022. In the first quarter ended March 31, 2024 sales rose 5.5%, to $326.7 million, and had net income of $6.2 million compared to a loss of $18.3 million in last year's first quarter.

Webtoon generates the bulk of its sales through its paid content business, where sales increased nearly 21% in 2023, to $1.03 billion. The company’s newer operations, advertising and IP adaptations, had sales of $145.4 million and $108.3 million, respectively, in 2023. The number of monthly active users stood at 170 million in first quarter of 2024.

In keeping with Nasdaq tradition of having representatives for a newly listed company ring the opening bell, Webtoon founder and CEO Junkoo Kim and the company management team did the honors the morning of June 27. “Through our global storytelling platforms, we have pioneered a cultural movement by revolutionizing the storytelling format, and democratizing content creation and publication,” Kim said. “Today, webcomics are one of the most exciting storytelling formats in the world and what we have pioneered has launched a new generation of artists with passionate fandoms, hit TV and film projects, and bestsellers on bookshelves around the world.”

Webtoon's shares rose 9.5% in its first day of trading, closing at $23.00 per share. The Nasdaq average was up 0.3% for the day.