Webtoon Entertainment Stock Rises Further After Strong Debut [Video]

Webtoon Entertainment (WBTN) shares advanced in intraday trading Friday, a day after surging 9.5% in their Nasdaq debut.

The Los Angeles-based online comics platform backed by South Korean search engine Naver sold 15 million shares in an initial public offering (IPO) at $21 each. The company added that the underwriters have the option to purchase 2.25 million more shares over the next 30 days.

In addition, Webtoon will be issuing separately about 2.38 million shares to a subsidiary of Naver, also for $21 apiece. Together, the two sales were expected to raise $365 million. The company will reportedly use the money to expand its platform and increase advertising.

Chief Executive Officer (CEO) Kim Jun-koo, who launched Webtoon in 2005 when he was a search engineer at Naver, was quoted as saying the demand from investors came because Webtoon could be behind the “next big thing” in culture, equivalent to the impact of …