Line Corp, operator of Japan’s most popular mobile messaging service, submitted an application for an initial public offering (IPO) to the Tokyo Stock Exchange, people familiar with the matter said.
Line, controlled by South Korea’s Naver Corp, plans to appoint Nomura Holdings Inc as a lead underwriter for the share sale, the people said.
The offering could value Tokyo-based Line at more than ¥1 trillion (US$9.8 billion), the people said, asking not to be identified as the deliberations are private.
TOKYO FIRST?
The company’s planned US listing might come after its Tokyo trading debut, another person familiar with the matter said.
Line is working with Nomura and Morgan Stanley to prepare for an IPO as soon as November, and is considering a listing on the Tokyo bourse and either the New York Stock Exchange or NASDAQ, people familiar with the situation said last month.
Line, which has 666 employees, started providing its messaging application after the March 2011 earthquake in northeastern Japan knocked out telephone services, according to its Web site.
OTHER DEALS
The company is pursuing a share sale after Japanese e-commerce operator Rakuten Inc acquired Viber Media Ltd, and Facebook Inc agreed to buy rival messaging service WhatsApp Inc for as much as US$19 billion.
Line’s messaging app surpassed 480 million users this month, chief operating officer Takeshi Idezawa said in Tokyo on Friday. About 85 percent of subscribers are outside Japan, the company said in February.
Revenue for Line’s core business more than tripled in the first quarter to ¥14.6 billion. The company has added features such as games, comics, free voice and video calling, photo and video sharing and tie-in apps, including a camera.
Naver shares rose 2.4 percent to 827,000 won when the market closed in Seoul yesterday, the biggest gain since June 26.
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