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Line Defies IPO Drought, Plans Year’s Biggest Tech Debut

  • Japan’s messaging app to split IPO between Tokyo and New York
  • Aims to focus on profitability during roadshow with investors
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Japan's Messaging App Line Seeks IPO Amid Tepid Market

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Japan’s Line Corp. is headed for what could be the biggest initial public offering for a technology company this year, including a major pitch to American investors.

The company behind one of Asia’s most popular messaging apps plans to go public in Tokyo and New York in mid-to-late July, with a goal of raising between $1 billion and $2 billion at a valuation of $5 billion to $6 billion, according to people familiar with the matter. The Tokyo-based company aims to get about half the money from U.S. investors as it plots a long-term expansion there after pushing further into Southeast Asia, said the people, asking not to be identified because the matter is private. Line is already profitable and it will make that a focus for investors when it begins a roadshow toward the end of this month, according to one of the people.