[
THE INVESTOR] LINE Corp.’s simultaneous initial public offerings in Japan and the U.S. this week were nearly 25 times oversubscribed with deposits totaling 2.77 trillion yen ($2.66 billion), according to lead managers of the dual stock listings on Thursday.
LINE, operator of its namesake immensely popular mobile messaging app, will make its stock debut on the New York Stock Exchange on July 14 and Tokyo Stock Exchange the next day.
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Naver board chairman Lee Hae-jin |
Reflecting keen interest among investors in the year’s hottest tech IPO, the oversubscription ratio reached the high-20s multiple range among non-Japanese investors. Demand from Japanese investors is also high, at about 18 times the available number of shares.
Priced at 3,300 yen per share, LINE is expected to raise up to 132 billion yen through the planned IPOs.
Lee Hae-jin, board chairman of
Naver, which owns LINE, is expected to hold a press conference on July 15 at the company’s data center in Chuncheon, Gangwon Province.
By Lee Ji-yoon (
jylee@heraldcorp.com)
