Online comics company Webtoon Entertainment Inc priced shares in its US initial public offering (IPO) at the top of a marketed range to raise US$315 million .

The company, backed by South Korea-based Naver Corp, sold 15 million shares after marketing them for US$18 to US$21, according to terms of the deal confirming an earlier report by Bloomberg News.

Accounts managed by BlackRock Inc had indicated an interest in purchasing up to US$50 million in shares as a cornerstone investor, the company said in filings with the US Securities and Exchange Commission.

At the IPO price, Webtoon has a market value of about US$2.7 billion, according to Bloomberg calculations.

Naver will own more than 60% of the company’s shares after the offering is completed, and Tokyo-based LY Corp will have about a 25% stake, according to the filings.

Webtoon connects 24 million creators with about 170 million monthly active users in more than 150 countries. It had a net loss of US$145 million on revenue of US$1.28 billion last year.

Naver, which provides online services from search and shopping to social media, had considered listing the Webtoon business since 2021, around the time the novel medium began to catch on in major markets such as the US. Today, webtoons are considered one of South Korea’s more successful cultural exports alongside K-pop and drama series, driving business for Naver and rival Kakao Corp.

The offering is being led by Goldman Sachs Group Inc, Morgan Stanley, JPMorgan Chase & Co and Evercore Inc. The company’s shares are expected to begin trading on Thursday on the Nasdaq Global Select Market under the symbol 'WBTN'.

  - Bloomberg