Japanese messaging mobile application Line can raise capital of $ 1.3 billion in the forthcoming sale of shares planned for this week, writes the BBC.
The company pointed an initial unit price of securities amounting to ¥3,300 or $33. The technology company has announced that it will release its shares on two exchanges in two consecutive days – on July 14 in New York and on July 15 in Tokyo.
Currently, Line is the most popular such application in Japan, Thailand, and Taiwan and the issuance of securities will be one of the largest in the technology sector since the beginning of the year.
The app gained momentum in 2011 during the earthquake and following tsunami that hit Japan.
Then Line was used as a communication platform at a time when due to lack of coverage people in the country for a while didn’t have the opportunity to talk on the phone.
Currently, the company is owned by the South Korean Never Corporation. From its management are hoping that the launch of the exchange of shares will not only bring the company additional capital but will also stimulate its entry to new markets.