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Naver's Line Corp. listed on Tokyo bourse

All News 10:53 July 15, 2016

SEOUL, July 15 (Yonhap) -- Line Corp., a Japan-based global chat app operator, debuted on the Tokyo Stock Exchange on Friday after a strong start on Wall Street.

The subsidiary of South Korea's dominant internet service firm Naver Corp. set its IPO price in Tokyo at 3,300 yen (US$31.27). In the first trade in the Tokyo equity market, Line shares changed hands for 4,900 yen, up 48.5 percent from the IPO price, heralding a successful debut.

In New York, Line's shares, which were priced at US$32.84 each, surged 26.6 percent Thursday (local time) to finish at $41.58. Line was valued at $8.7 billion after going public in New York.

As the world's seventh-largest mobile messenger provider, it boasts 218 million active users a month, mostly Asians. Line is especially popular in Japan, Taiwan, Thailand and Indonesia.

Its revenue soared 40 percent on-year to $1.2 billion last year on hikes in the sales of electronic cartoon emoticons, called "stickers," games and other services.

lcd@yna.co.kr
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