Naver has successfully spun out its Japan-based messaging app subsidiary Line, pricing its shares at the top of their range in a US and Japan flotation.
Line, the Japan-based instant messaging platform spun out from Korea-headquartered internet company Naver, will raise $1.14bn from its initial public offering, the Wall Street Journal reported yesterday.
Line will issue 13 million shares on the Tokyo Stock Exchange and 22 million on the New York Stock Exchange, priced at the top of its ¥2,900 to ¥3,300 ($28.35-$32.25) range.
An additional 5.25 million shares are available for purchase by underwriters Morgan Stanley, Goldman Sachs, JP Morgan Securities and Nomura Securities through…
