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Line Said to Pursue U.S. IPO With Confidential Filing to SEC

Line Corp., operator of Japan’s most popular mobile messaging service, filed confidentially for an initial offering in the U.S., people with knowledge of the matter said, taking a step closer to a dual-listing in New York and Tokyo.

Morgan Stanley is managing the U.S. share sale, said the people, who asked not to be named because the process is private. Companies with less than $1 billion in revenue can submit their filings privately under the Jumpstart Our Business Startups Act, which is aimed at encouraging smaller companies to go public.