[THE INVESTOR] LINE Corp., the messaging app arm of South Korea’s popular web portal Naver, has not been paying dividends to its shareholders and Seoul headquarters, according to documents on June 15.
According to documents recently submitted to Tokyo’s main bourse operator, the Japan Exchange Group Inc. and the U.S.-based Securities and Exchange Commission, LINE has never issued dividends since it was launched in 2000.
On the issue, the company elaborated about its dividend plans in the submitted documents, saying that dividend payout in the future will depend on various factors, such as the firm’s financial status, sales and capital flow. Despite its upcoming planned IPO debut, the document indicates the absence of dividend plans in the near future.
LINE has announced its IPO debut on both Tokyo and New York’s main bourses next month, which is expected to be one of the year’s biggest stock market events concerning a technology company.
In a regulatory filing with the Tokyo Stock Exchange, LINE announced its IPO agenda. It is scheduled to list on the New York stock market and Tokyo’s main bourse on July 14 and 15, respectively.
Naver’s Japanese messenger developer is expecting the IPO price to reach 2,800 yen ($26.20). The firm confirmed that it will set its final IPO price on July 11 and accept subscriptions for 35 million shares sold to the public following the announcement.
(
theinvestor@heraldcorp.com)
