(Reuters) – Shares of online comics platform Webtoon Entertainment rose 14.3% from their initial public offering price in their Nasdaq debut on Thursday.
Shares opened at $21.30, giving the company a valuation of $2.71 billion. Shares traded at $24 and last traded at $22.86 just after noon.
The Los Angeles, California-based company raised $315 million by selling 15 million shares in an IPO priced at $21, at the top end of the market 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, JP Morgan Securities and Evercore Group.