Japanese messaging-app operator Line has raised the price range for its initial public offering (IPO) to JPY 2,900-3,300 (USD 28.50-32.50) per share, from 2,700-3,200, citing strong demand, the Wall Street Journal reported. The IPO could now raise up to USD JPY 115.5 billion (USD 1.12 billion), from its previous estimate of JPY 112 billion, or even JPY 133 billion, if all greenshoe share are sold.
The final price will be set on 11 July.
Line wants to list shares in Tokyo and New York on 14-15 July. Line said it lifted the range in response to demand trends and stock market conditions, saying investors are keen on the IPO despite recent market turmoil following Britain’s vote to exit the European Union.
Line is offering 13 million new shares in Japan and 22 million shares in New York. A further 5.25 million shares could be sold through a greenshoe option.
