Deals
Line Prices IPO at Top of Range in Year’s Biggest Tech Debut
- Messaging app to fully exercise greenshoe to sell more stock
- Shares to be sold at 3,300 apiece with debut on July 14
Line Plans Year's Biggest Tech IPO
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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 Monday. It will also sell 5.25 million shares through a so-called greenshoe allowing it to increase the amount of stock sold, boosting the total raised to 132.8 billion yen ($1.3 billion).