BlackRock Inc., the world's largest asset manager, has expressed interest in buying up to US$1.4T50 million worth of shares in Naver Corp.-backed Webtoon Entertainment Inc. in its initial public offering (IPO).

Webtoon Entertainment Inc. owns Webtoon, the massively popular South Korean platform that hosts webtoons and digital comics. It claims to have 170 million monthly active users in over 150 countries around the world.

Webtoon Entertainment filed for a listing on Nasdaq in May, aiming to capitalize on the growing popularity of webtoons and digital comics around the world.

According to for industry reportsthe global webtoon market is projected to reach US$56.1 billion by 2028, with a compound annual growth rate (CAGR) of 26.6%.

This move comes on the heels of Blackstone Inc.'s recent $1.7 billion acquisition of Infocom, owner of Japan's largest e-book platform, Mecha Comic.

Notably, BlackRock and Blackstone share common origins, having been founded under the same parent company before diverging in 1994 to pursue different investment strategies. These recent investments highlight the growing interest of major U.S. financial players in the burgeoning webtoon and manga industries.

Webtoon Entertainment (WBTN), backed by South Korean internet giant Naver Corp., has announced the pricing of its IPO on June 27, 2024, offering 15 million shares at $21 per share. The company raised $315 million in the initial offering.

The IPO closed on June 28, 2024, with Webtoon shares rising 9.5% to US$$23 each. Goldman Sachs, Morgan Stanley, JP Morgan Securities, and Evercore Group were managing the offering.

Following the offering, Naver Corp. retains a majority stake in Webtoon, while Tokyo-based LY Corp. holds about 25% of the shares.

BlackRock Inc. is the world's largest asset manager, primarily focused on managing investments in stocks, bonds and other traditional financial assets for institutional and individual clients.

Source: Webtoon press release, Bloomberg