Japan’s Line sets top price for up to $1.3 billion IPO

The logo of free messaging app Line is pictured on a smartphone and the company’s stuffed toy in this photo illustration taken in Tokyo, Japan, September 23, 2014.

Reuters/Toru Hanai/Illustration/File Photo

Line Corp set the price for its initial public offering at the top of its marketing range, raising up to $1.3 billion, a regulatory filing showed on Monday, reflecting robust appetite for the Japanese messaging app firm.

The company set the IPO price at 3,300 yen per share, compared with its book-building range of 2,900-3,300 yen. It had initially set the range at 2,700-3,200 yen but bumped it up last week. Including an overallotment arrangement, Line will sell up to 132.8 billion yen ($1.3 billion) of shares.

Line, owned by South Korea’s Naver Corp (035420.KS), plans to list in New York on July 14 and in Tokyo the following day.

(Reporting by Chris Gallagher and Emi Emoto; Editing by Stephen Coates)