Line prices IPO at top of range in year's biggest tech debut

Tokyo

JAPAN'S Line Corp set the price of its initial public offering at the top of the targeted range and will exercise an option to sell more stock as investors shrug off market volatility caused by the "Brexit" decision.

The mobile-messaging service, owned by South Korean portal Naver Corp, will sell 35 million shares at 3,300 yen apiece, the company said on Monday. It will also sell 5.25 million shares through a so-called greenshoe allowing it to increase the amount of stock sold, increasing the total raised to 132.8 billion yen (S$1.6 billion).