BlackRock Inc., the world's largest asset manager, has expressed interest in buying up to US$1.50 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 170 million monthly active users in over 150 countries around the world.

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

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 in the wake 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 US financial players in the burgeoning webtoon and manga industries.

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