Line aims to raise 112b yen in IPO amid turmoil

Tokyo

LINE Corp, Japan's most popular mobile messaging service, and its owners are aiming to raise as much as 112 billion yen (S$1.5 billion) in what could become the biggest technology initial public offering globally this year.

Backed by South Korean search portal Naver Corp, Line and its existing investors are offering 35 million shares at 2,700-3,200 yen apiece, the company said on Tuesday. The Tokyo-based company had said earlier that it planned to sell shares with an indicative price of 2,800 yen. Line is planning to go public during one of the most tumultuous times for global markets in years. It announced pricing a day later than originally planned, after the UK's vote to exit the European Union sent stocks and currencies into a tailspin. However, Line's well-recognised brand may tempt individual investors at home.