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Biz News Korea(Eng)

Line IPO attracts $2 billion public bid offers

Collected: 2016.07.14

Distributed: 2016.07.15

Source: Go Direct

The dual initial public offerings of Line Corp., a messaging app in Japan owned by Korean web portal giant Naver Corp. dubbed to be the biggest tech IPO of the year drew bid deposits of 2.08 trillion yen ($1.99 billion).

The shares of messaging app with 218 million monthly users mostly active in Asia will be listed on Friday in Tokyo and on Thursday in local time in New York.

The overwhelming demand in the public offering of a technology giant that had been rare in global markets recently had been expected. The IPO price was moderated up due to strong demand.

The initial offering was priced at 3,300 yen, the top of the book-building guidance of 2,900-3,300 yen that had been revised up from 2,700-3,200 yen.

The market capitalization of the chat app is estimated to reach 693 billion yen.

By Seo Chan-dong

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