Japan’s Line Corp. and its owners are looking to obtain around 112B yen or $1.1 billion in what is expected to be the largest technology IPO this 2016. Supported by South Korean’s Naver Corp., the Japanese firm and its current investors are offering a total of 35 million shares with prices ranging from 2, 700 yen to 3, 200 yen apiece, according to the company during its announcement on Tuesday.
Line announced the pricing of its shares a day after the original schedule due to the Brexit’s aftermath on the global stock and currency markets. Line, Japan’s most popular mobile- messaging service, aims to increase its capacity to rival against Facebook Inc. and Tencent Holdings with the IPO’s proceeds.
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