Line IPO seen to raise US$1b in biggest tech listing

Tokyo

IN delaying its initial public offering (IPO) by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled.

Line's IPO in the next three weeks is set to raise about US$1 billion, which - given a global drought of such deals - could make it the biggest technology listing this year. But sceptical fund managers pointed to tepid growth in Line's home market and doubts about its prospects for regional expansion. They also questioned whether its advertising revenue strategy will work.