LINE raises IPO price band to 2,900-3,300 yen

[THE INVESTOR] LINE Corp., the Japanese mobile messaging affiliate of Naver, said on July 4 that it will raise its initial public offering price band to 2,900-3,300 yen.

On June 28, LINE had set the range at 2,700-3,200 yen. 

The official IPO price will be fixed on July 11. LINE shares will be floated simultaneously in Japan and the US on July 15. Market consensus has it that LINE would be able to secure 132.8 billion yen (US$129.4 million) worth of funds from the IPO

LINE officials said it decided on the raise due to the recent changes in market conditions.

One such change is the subdued impact of the UK’s June 24 decision to leave the European Union. The Japanese stock markets also are improving in terms of performance, according to LINE officials.

LINE will be issuing 13 million shares in Japan, and another 22 million shares in the US. LINE can also sell an additional 5.25 million shares via a greenshoe option.

By Kim Ji-hyun (jemmie@heraldcorp.com)