Japan’s LINE, maker of the popular messaging app, confirmed its plans for a long awaited initial public offering (IPO) in both Tokyo and New York in mid-July “to further enhance its strong position in Asia and to continue a more active global expansion.”
The firm is planning to raise more than $1 billion by selling 13 million shares in Japan and 22 million in the overseas market. Media report says that the total reach the value of $5 billion. The company has been planning an IPO since 2014 but it been getting delayed. It be believed to be the biggest IPO in Japan this year.
Line has been facing stiff competition from other messaging apps such as Whats App and Hike. Some experts believe that the timing of the IPO is not conducive and the company should have gone for IPO when it was going strong. Though it is the largest messaging app in Japan and is fairly popular in Taiwan and Thailand, it does is not as popular as Facebook Messenger or WhatsApp.