Japanese messenger app Line defies volatile markets with an IPO price range showing strong demand from investors at a time when many companies are scrapping plans to go public. Graham Mackay reports, the company is pitching plans for Asia, but may also be eyeing up a market in the U.S.
An IPO pricing - setting the tone for the biggest tech listing of the year. Japanese messaging app Line announcing its share price range after a delay at the start of the week... Valuing the company at more than 6-and-a-half billion dollars. Line plans to list in New York and Tokyo next month... Investors seem to like its pitch to focus on core Asian markets, rather than explosive growth. (SOUNDBITE) (English) REUTERS CORRESPONDENT "It's extremely rare for Japanese companies to do this kind of join listing in NY and Tokyo at the same time. In fact, in fact the last such listing was in 1999. This is due to a number of reasons including logistical problems. But in fact for line at this point, who doesn't have a very strong footprint in the North American market, it's a signal that it hopes one day to be able to crack America." Global markets are volatile right now, and that's forced some firms to delay or even shelve their IPO plans... But Line is shrugging off those concerns - looking to to sell up to 40 million shares, worth around 1-point-3 billion dollars. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura have all been brought on board to manage the listing. Line plans to go public on Wall Street on July 14th - and in Tokyo the following day.