Japan´s Line set for biggest tech IPO in 2016

Japan´s biggest message-app operator, Line, raised the price range for its upcoming initial public offering in Tokyo, in what might turn out to be the largest float of a technology company thus far in 2016.

The company, which was owned by South Korean outfit Naver Corp., said in a statement it was pursuing a dual-listing on the New York Stock Exchange and Tokyo Stock Exchange on 14 and 15 July, respectively.

Line announced it had decided to raise the price range for its shares from between ¥2,700 to ¥3,200 to between ¥2,900 and ¥3,300 ($28.50-$32.50), given demand conditions and the situation in financial markets.

The tech outfit now expected to raise appproximately $1.12bn (843m GBP) through the sale of 13m new shares in Japan and another 22m in New York, with a 'green-shoe' option for another 5.25m shares.

An announcement on the price range had been expected in the previous week but was postponed by the uncertainty in markets following the Brexit vote.

A final price for the flotation was expected to be set on 11 July.

The company, which already provided free voice calls and messaging had said it was planning to offer low-cost mobile telecommunications services and an expansion into mobile payments.