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Japan messaging app Line set for year’s top tech IPO

Japan ipo

Japan-based messaging app Line said Monday it could raise more than $1.0 billion (£0.77 billion) in one of the year’s biggest share sales, as it makes its market debut this week.

The company, looking to expand on booming popularity among smartphone users in Asia, priced its shares at a top-of-the-range 3,300 yen (£24.78), suggesting strong demand for the sale.

Based on that price, the initial public offering will raise $1.14 billion (£0.88 billion) through the sale of 35 million shares.

An option to sell more shares could put the IPO on course to raise a total of $1.3 billion (£1.01 billion).

Line, owned by South Korea’s Naver, starts trading in New York on Thursday and in Tokyo Friday.

The sale, valuing the firm at about $6.9 billion (£5.35 billion), is the biggest technology IPO this year, Bloomberg News reported, and the largest so far in Tokyo.

Paul

The author Paul