Japan- based numero uno messaging app “Line” raised almost $1.1 billion opened in Initial Public Offering (IPO), held today on Monday, July 12, 2016. Though currently, financial market is at its low being lukewarm but it might fade soon.
The respective app’s share priced at 3,300 Yen or at $32.84 USD traded in the financial market which had been predicted at utmost price suggesting great demand. Rennaissance Capital stated the following offering happened to be US biggest IPO till date. The firm manages IPO focused exchange-traded funds.
Japan’s renowned messaging app Line is likely to enter in Tokyo Stock Exchange undre the symbol 3938 and New York Stock Exchangeunder the symbol LN. It is said to appear from Friday among other listed enterprises.
The Japanese technology oriented app focuses in offering messaging, video and voice calling very popular in the country. It’s counterparts “Twilio” debuted with $150 million; “Acacia Communications’” debuted $100 millions and “SecureWorks” debuted with $120 million respectively.
According to the experts, the naive technology start-ups chose to raise from venture capital market rather than continue voyaging in the public market. Despite the situation being volatile, financial market have witnessed good companies opt for IPO.
The app based company was all set for IPO in June but Brexit being the sole reason it stepped back thus choosing its offering in the month of July. The turmoil in global financial market not only hampered domestic trading of UK and Europe, but carried forward to major trading markets like Tokyo SE, New York SE, and so on. Nevertheless, the trading would begin on Friday as scheduled.
Owned by Naver Corporation, it boasts of 218 million users all over even exceeding the popularity of Facebook and Twitter. Naver is South Korea’s biggest internet search engines. Apart from using it as search engine, end-users search for music and jobs. The respective company Line generates revenue through advertising and selling emoticons named as “Stamps” used from messages.