Naver’s Webtoon files for US IPO, posts $145m net loss in 2023

Photo credit: Naver

Webtoon, the webcomic and novel firm from South Korean tech major Naver, has filed to list in the US.

In its filing, the company said it plans to trade on the Nasdaq Global Select Market under the “WBTN” ticker. While the company did not disclose how much it was looking to raise in its financial debut, Bloomberg reported earlier this year that the company was eyeing an up to US$500 million raise at a US$3 billion to US$4 billion valuation.

Webtoon also revealed in its filing that it generated US$144.8 million in net loss in FY2023, which widened slightly compared to the year before. For the first quarter of 2024, however, the company posted US$6 million in net income, reversing the US$18.3 million in net losses it logged in the same quarter last year.

Meanwhile, its revenue grew roughly 19% year on year to US$1.3 billion in FY2023. Its adjusted EBITDA for the full year also swung into the green to land at US$11.7 million for the year.

Webtoon was launched in 2005 but only began its paid content business model in 2012. It also started operating as an independent unit within Naver in 2017.

The company has so far adapted more than 900 titles, spanning formats like streaming series, movies, books, and games. It’s also made over 11 million consumer products.

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