Japan’s messaging service Line sets their IPO at a top price and is targeting the top marketing range. It is one of the best instant mobile messaging services available.It is owned by the South Korean portal Naver Corporation.

The company is looking to raise as much as $1.3 Billion and want to show its robust appetite for the world’s biggest tech listing this year.

The Firm is planning to sell 35 million shares at a price of 3,300 Yen per share and another 5.25 million shares through an option called ‘greenshoe.

This allows it to increase the stock amount which is going to be sold and boost the total sales to 132.8 billion yen which is 1.3 billion USD. Past week at the time of Brexit polling in the UK, Line announced the plans for the IPO where the UK held their vote to leave the EU.

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This decision unbridled the market’s instability throughout the world’s currencies and the equities. According to the IPO price, this company is valued at about $6.9 billion, and this is going to be the biggest technology debut for this year.

Hiroshi Naya, The Analyst at Ichiyoshi Research Institute Inc. in Tokyo, says “There is a lot of hope for Line’s future as a media platform. We’ve pretty much solidified which smartphone services we use and which ones we do not, and Line has really established itself as something a lot of people use every day for the communication.”

The trading of the shares will start from July 14, 2016, in New York and followed on the next day in Tokyo.
The traded stock is priced at $32.84in the New York, and Line is about to sell 25.3 million shares in the United States.The trading of these shares in Seoul is 0.7 percent.

The companies like JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc. and Nomura Holdings Inc. are the lead underwriters.

Line messaging service was started in the year 2011 and widely known for the business model of selling stickers which are used during the chat.People buy and share those stickers to express their feelings while chatting with their associates.

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The registered users of the Japan based messaging service had increased rapidly when compared with Facebook’s Messenger and WhatsApp.

Line is constantly increasing its strength to follow up the battle with the largest rivals like Facebook Inc. and the Tencent Holdings Ltd.

It is looking expand their 218 million user base beyond the things and make their market strongest in Japan, Thailand and Taiwan. The plans are set to broaden its market across the Asia and sooner in the United States.