Line Corp., Japan-based mobile chatting app unit of South Korea’s leading internet portal giant Naver Corp., will go public on Japan’s Tokyo Stock Exchange (TSE) in July, which is expected to be the biggest initial public offering in Japan so far this year.

According to Japan-based Nikkei Asian Review on Wednesday, Line is aiming to make its debut on the TSE next month, and its market capitalization will likely reach 600 billion yen ($5.46 billion). The Japanese bourse operator plans to complete reviewing the message app provider’s listing application within this month. The mobile chatting app operator is also said to be contemplating its simultaneous listing on the New York Stock Exchange next month.

Line initially planned its IPO in Japan in 2014, but its listing attempts foundered twice in 2014 and 2015 after it and its mother company Naver failed to agree on listing details.

The Korean internet service provider reportedly argued to secure more shares with voting rights to defend against any hostile merger and acquisition threats, according to another Japanese media The Asahi Shimbun. But Naver has changed its stance, allowing Line to finally go public.

The message app provider plans to use the proceeds from the IPO, which will likely be between 200 billion yen to 300 billion yen, in securing next-generation growth engines and broadening its subscriber base. Line with about 218.4 million subscribers worldwide as of March this year mainly focuses on Asian markets centering Japan and Thailand.

In particular, Line aims to further expand its presence in Thailand after it has been received well in the country with about 33 million users or nearly half of the population using its mobile chat service. The company has launched a series of various mobile services in Thailand including Line Man, a mobile service that provides delivery service for goods ordered from nearby restaurants and convenience stores; free-for-use video streaming service Line TV; and mobile payment service Line Pay. Line currently plans to advance into overseas markets with its mobile services introduced in Thailand after testing them in Japan and Singapore where it has already built a solid subscriber base.

By Kang Da-young

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]