Hours after Line had the biggest US IPO of the year, the popular messaging app hit the markets in Tokyo with a bang in the final part of its dual listing.
Line debuted moments ago on the Tokyo Stock Exchange. Shares began trading at JPY 4,900 apiece, well up on the proposed offer of JPY 3,300.
The strong debut in Tokyo matches what happened yesterday on the New York Stock Exchange when Line started trading at US$42 per share, well ahead of the US$32.80 set price.
The app, a rival to WhatsApp, Facebook Messenger, and Viber, is run from Tokyo, Japan, but is a spin-off from Korean web giant Naver. This is a dual listing, with 22 million shares for the US market and 13 million shares on the Tokyo Stock Exchange.
The chat app made just over US$1 billion in revenue (mostly from games and digital stickers) last year, but is facing multiple challenges ahead – most notably the fact that its growth has stagnated.
Line is valued at US$8.7 billion in its closing price in New York.
Photos from Line’s big day in New York:
Japanese chat app operator Line Corp soars in New York debut https://t.co/EcguotyTRc $LN pic.twitter.com/heqizNLUgf
— Yahoo Finance (@YahooFinance) July 14, 2016
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