Webtoon goes the IPO route as it reveals details

Webtoon Entertainment delivered a profitable first quarter growing its revenue by 5%. The comics platform disclosed the information in its filing for an initial public offering (IPO) in the United States. Webtoon is owned by Naver Corp and features web-novels and comics available in over 150 countries.

Founded in 2005, Webtoon has 170 million monthly active users. That’s defined as individuals who visit the platform at least once a month on average. It also features 24 million creators.

Webtoon’s net income was $6.2 million or about $1.73 per share for the first three months of the year. It lost $18.3 million or $4.80 a share last year. Revenue for the period was $326.7 million, versus $310.3 million a year earlier.

The offering is being led by financial heavyweights Goldman Sachs, Morgan Stanley, JPMorgan Chase, and Evercore. Webtoon is seeking to be listed on Nasdaq with the symbol “WBTN.”

The number of shares that will be offered and the price range for the proposed offering hasn’t yet been announced or determined.