Line expected to raise $1.3bn in IPO ahead of dual listing
Japanese messaging app set to go public this week in New York and Tokyo stock exchanges
- The app has about 218 million monthly active users, mostly in Japan, Taiwan, Indonesia and Thailand
- Strenghtening yen valuation helps initial offering, rising 6% since last month's announcement
Updated : 12:24
The leading messaging app in Japan, Line, is set to gain $1.3bn after raising the price for its initial public offering (IPO) to 3,300 yen, or $33 a share ahead of its debut in the Tokyo and New York stock exchanges this week.
Line is to hit the New York Stock Exchange on Thursday and the Tokyo Stock Exchange on Friday.
The app, which is hugely popular in various Asian countries such as Japan, Indonesia and Thailand, is owned by South Korean company Naver Corp, who have increased the initial share price after higher demand than expected was recorded.
It is the biggest technology IPO of the year so far, and comes amid a general drought of big-ticket technology company listings. Line has about 218 million monthly active users, and has gone from being just a messaging app, yo expanding services to include voice calls, music streaming and hailing taxis.
Line generates revenue from advertising, as well as sales of digital content such as games and stickers.
The messenger app was started in the aftermath of the 2011 earthquake and tsunami to offer a communications platform when many phone services where down.
Naver Corporation hopes the share sale will not only raise funds but also heighten its profile to tie in with global expansion plans. While dominant in a number of Southeast Asian markets, the company has been struggling to expand its user base further.