Webtoon’s Nasdaq debut sees a 14.3% jump on the first day
Webtoon Entertainment made its debut on Nasdaq yesterday and saw its shares rise 14.3% from its initial price.
The stock opened at $21.30 which gave the company a valuation of $2.71 billion. It traded as high as $24 but ended a last trade at $23 for the day.
Webtoon operates a digital comic platform with a user base in 150 countries. Founded in 2005, it has 170 million monthly active users (individuals who visit the platform at least once a month on average). It features 24 million creators. Its net income was $6.2 million for the first three months of the year. It announced the IPO earlier in the month.
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