(Reuters) – Shares of online comics platform Webtoon Entertainment surged as much as 14.3% above their initial public offering price in their Nasdaq debut on Thursday.
The stock opened at $21.30, giving the company a valuation of $2.71 billion. The stock traded as high as $24 and was last trading at $22.86 just after midday.
The Los Angeles, California-based company raised $315 million by selling 15 million shares in the IPO at $21, priced at the top end of marketed range.
Webtoon, backed by South Korean tech giant Naver is a storytelling platform that hosts thousands of stories spanning over 20 genres, including fantasy, romance, comedy and horror.
The offering was underwritten by a syndicate of Wall Street banks led by Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
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