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Web Cartoons Platform Eyes $4 Billion Value in US Summer IPO
- The Korea internet leader is targeting a debut as soon as June
- Webtoons have in recent years become a global cultural force
The Webtoon website.
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Naver Corp. has enlisted Goldman Sachs and Morgan Stanley to work on a US initial public offering for its online comics operator over the summer, accelerating the much-anticipated market debut of one of its fastest-growing businesses.
The company could seek to raise as much as $500 million at a valuation of $3 billion to $4 billion, according to people with knowledge of the matter. It’s targeting a timeframe of as early as June and could invite more underwriters apart from the two investment banks, the people said. The timing however may ultimately hinge on market conditions and there’s no guarantee Naver will go ahead, the people said, requesting anonymity to discuss confidential information.