Deals
Line Delays Setting IPO Price Range Amid Brexit Turmoil
- Japan messaging serivce plans largest tech IPO of the year
- Line is seeking to raise more than $1 billion from share sale
Line Delays IPO Pricing Amid Brexit Turmoil
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Line Corp., Japan’s most popular messaging service, plans to delay till Tuesday the setting of a price range for its initial public offering after Britain’s vote to exit the European Union sent global markets into turmoil.
Line will proceed with pricing on June 28, the Tokyo-based company said in a statement after the market closed. It has said it’s seeking to raise as much as 113 billion yen ($1.1 billion) from the sale of new and existing shares, which would make it the largest IPO by a technology company this year. It said at the time it would set the price range on June 27 and the final price on July 11.