Biggest IPO of 2016: Chat app Line plans $1.14bn stock market float

12/07/2016

Messaging app Line is planning a dual Japan-US IPO, which could raise as much as $1.14 bn, which could make it the biggest tech IPO of 2016.

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The Japan-based chat app, known for its emoji-like stickers has priced its shares at ¥3,300, which represents the top end of its range thanks to high demand.

Line, which is owned by Korean internet giant Naver, attracts 218 million monthly active users worldwide, two-thirds of whom are based in Japan, Taiwan, Thailand and Indonesia.

The company grossed $1bn in revenue for the first time last year, but still failed to make a profit. Currently, the app is very localised to Asia, making nearly 90% from its native Japan, while more than 60% of its income is from its games.

The company plans to use the new capital to go after other markets in Asia and raise its profile for potential expansion plans elsewhere in the world.

The company is all set to begin trading in New York on Thursday and in Tokyo on Friday.

The company had delayed its IPO price range in late June as global markets reacted to the UKs Brexit vote.

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