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Japan’s Line Shoots for $1.1 Billion IPO Amid Market Tumult

  • The messaging service may need to bankroll a global expansion
  • Line will debut in New York and Tokyo in rare dual IPO
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Can Line Take On the Mobile Messaging Giants?

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Line Corp., Japan’s most popular mobile-messaging service, and its owners are aiming to raise as much as 112 billion yen ($1.1 billion) in what could become the biggest technology initial public offering globally this year.

Backed by South Korean search portal Naver Corp., Line and its existing investors are offering 35 million shares at 2,700 yen to 3,200 yen apiece, the company said Tuesday. The Tokyo-based company had said earlier it planned to sell shares with an indicative price of 2,800 yen.