Messaging app Line soars on US debut
Print Edition
SHARES of Japanese messaging app operator Line Corp soared as much as 36 percent in their US market debut yesterday, valuing the high-profile tech startup at US$9.34 billion in the biggest tech IPO this year.
The offering of 22 million American Depository Shares at US$32.84 each topped the upper end of the expected price range of US$28.50 to US$32.50, raising about US$723 million.
The Tokyo-based firm’s shares hit a high of US$44.49 in early trading on the New York Stock Exchange.
Line, controlled by South Korea’s Naver Corp, will list its stock on the Tokyo Stock Exchange today. The company sold 13 million shares at 3,300 yen (US$31.28) per share in Japan, raising about US$426.92 million.
Including an over-allotment of 5.25 million shares, the company raised 132.8 billion yen, making the offering Japan’s biggest this year.
After the offering, Naver’s ownership fell to 80.8 percent.
Line, the seventh-most used messenger app globally, said it would use the funds to expand outside Japan and Southeast Asia. The app has a lot of ground to cover in major Western markets, where Facebook Inc’s Messenger and WhatsApp are dominant, and in China, where Tencent Holdings Ltd’s WeChat is popular.
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