Japan’s Line Corp. lifted the prices of its IPO at the peak of the targeted range and will push through with the option to sell more stocks as investors dismiss market volatility due to the Brexit vote.
The firm, owned by Naver Corp., will set up its 35 million shares for sale at around 2,200 yen apiece, according to the company on Monday. The mobile-messaging service will also sell 5.25 million shares via a greenshoe enabling it to increase the volume of stock sold, raising the total amount to 132.8 billion yen or $1.3B.
The shares will start trading in NY on July 14 and July 15 in Tokyo. The firm’s NY traded stock was priced at $32.84. Line intends to sell 25.3M shares in the United States, with the additional greenshoe.
Line intends to use proceeds of the IPO to be able to compete against giant rivals such as Facebook Inc. and Tencent Holdings as it aims to expand its already 218 million user base beyond its current market.
The material has been provided by InstaForex Company – www.instaforex.com