Blog Coverage: Line Sweeps U.S. Markets On Debut

Japan’s Social Networking Giant Opens Its IPO Trading in NYSE in Style with a 35% Jump

LONDON, UK / ACCESSWIRE / July 15, 2016 / Active Wall St. blog coverage looks at the headline from Line Corp. (NYSE: LN), a Japanese social networking site owned by South Korea’s internet giant Naver, made a big debut in the U.S. markets. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

Line’s shares which were priced at US$32.84 each, climbed to US$41.58 at the close of trading session, taking the market value of the firm to approximately $9 billion. This marked the debut of this year’s biggest tech initial public offering to date.

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IPO Summary

The company offered 22 million shares on the New York Stock Exchange. About 28.9 million shares changed hands during the trading session. Line is the fifth tech company to go public this year and the biggest tech IPO since 2014, when Chinese e-commerce giant Alibaba Group Holding Co. (NYSE: BABA) raised more than $20 billion. The company, which is listing shares in Japan and the U.S., will start trading in Tokyo on Friday.

IPO market Gaining Traction

The surge in the Line’s stock comes after the increased stability in the U.S. equity markets following the UK’s exit from the EU and a slow start to the IPO market.

Line which raised $1.3 billion after pricing its offering at the high end of the spectrum sold 35 million shares and express readiness to sell an additional 5.25 million shares.

In July 2015, 14 tech companies had gone public. The overall IPO market has slowed down in 2016. Until the end of June, 31 companies had gone public in the U.S., down from 69 in the first five months of 2015 and 115 in the same period in 2014.

Expansion plans

The company plans to use the proceeds from the offering to expand its presence in the Asia especially Japan, Taiwan, Thailand and Indonesia and eventually, the U.S.

Investors are likely to follow keenly how Line’s shares in the first few days of trading in comparison to its rivals Facebook Inc. (NASDAQ: FB) and Twitter Inc. (NYSE: TWTR). Currently, Line has about 218 million users and its sales grew 40% in 2015 to 120.7 billion yen. Two-third of the company’s monthly active users are in Japan. The company provides free voice calls and messaging, and a major chunk of its revenue comes from games, digital stickers, and advertising. Stickers are a main source of revenue, contributing to more than $270 million in sales.

Line’s games have racked up a cumulative 628 million downloads, the company said. The company also plans to expand into music streaming and taxi hailing to compete with rivals like WhatsApp, Facebook, and Tencent’s WeChat, which dominates in China where Line is blocked.

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