Line Lifts IPO Price Range to Meet High Demand

Japan's Line Corp., the nation's biggest messaging application operator moved its price range for an upcoming IPO by as much as 115.5 billion yen or $1.12 billion due to the strong demand.

Line lifted its price range from 2,700 yen to 3,200 yen a share up to 2,900 yen to 3,300 yen or $28.50-$32.50 a share. The company is targeting a dual listing in Tokyo and New York scheduled on July 14 and 15. It is expected to be the biggest technology listing so far in 2016.

Line stated in a news release that its decision to lift its price range has factored in demand trends and the current stock market environment that revealed that investors remain interested on the IPO regardless of the market disruption post-Brexit.

The Japanese firm is offering 13 million shares and 22 million shares in Japan and New York, respectively. An additional 5.25 million shares could be offered via a “green shoe” option, which enables the offering of more shares in case of exceptional demand.

News are provided by InstaForex