Web Cartoons Platform Eyes $4 Billion Value in US Summer IPO.

MICROSOFT Corp. 081466849 MSFT

Naver Corp., a South Korean online services company, is planning a US initial public offering (IPO) for its online comics operator, Webtoon Entertainment Inc. The company has enlisted Goldman Sachs and Morgan Stanley to work on the IPO, which could raise as much as $500 million at a valuation of $3 billion to $4 billion. Naver is targeting a timeframe of as early as June for the IPO, but the timing may depend on market conditions. Webtoons, short-episode digital comics designed for mobile devices, have become a successful cultural export for Korea, and Naver is looking to expand its business abroad. However, the growth outlook for the webtoon industry is slowing, and competition from Apple and Amazon is increasing. Naver still derives most of its revenue from South Korea but is aiming to target larger markets, particularly the US. [Extracted from the article]

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