Line Corp., Japan’s leading mobile messaging service, is aiming to raise as much as 113 billion yen ($1 billion) at a market value of roughly 588 billion yen in what would be the year’s biggest initial public offering for a technology company. That’s down 40 percent from an estimated 1 trillion yen when it first filed for an offering in 2014. One factor is that growth in Line’s number of users has slowed in recent quarters, even as it faces mounting competition from Facebook Inc. and Tencent Holdings Ltd.

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