Japanese messaging app Line roared into the public markets on Thursday July 14, after completing the largest public offering of any company of any tech company so far this year.
Line, which is mainly popular in the Asian markets of Japan, Taiwan, Indonesia, and Thailand, recently garnered lots of press attention for raking in $270M a year… selling ‘sticker’ emojis.
While the company is mainly known as a messaging app, in its most popular markets it serves as just about everything you could want from your smartphone: a tool to call and message friends, a news and entertainment app, a mobile payments platform, a gaming studio, a music streaming service.
Line has made history on this period of drought in the IPO market of 2016. Yesterday the company raised over $1.1 billion making it the most relevant tech IPO of the year, and bigger than last month’s other tech giant IPO by Twilio. Line’s Initial Public Offering was launched in both New York and Tokyo. Shares of the Tokyo-based company jumped more than 20 percent after the offering. Forbes reports:”The stock locked in a 27% gain on its first day of trading, closing at $41.58, above its IPO price of $32.84″ with a high of $44.49, the company ended with a valuation of of $9 billion. The share allocation is 22 million shares for the New York Stock Exchange and 13 million shares on the Tokyo Stock Exchange.
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