Line Makes Biggest IPO Of 2016 So Far

The Line Corporation has made the largest technology initial public offering (IPO) so far this year. The messaging app, which has over 200 million monthly users across Asia, this week priced 35 million shares at just under 33 US dollars each; equalling a total value of 1.15 billion dollars. These shares will be split, with 22 million accounting for depositary shares for an international offering in the US, and the other 13 million being sold in Japan. With trading expected to begin later this week in New York and Tokyo, the IPO price means that Line is currently valued at around 7 billion dollars. The move was originally delayed after the market became unstable due to Britain's decision to leave the EU, but the demand for shares since has meant Line has become only the third tech company to debut above its original range this year.