July 12, 2016 10:59
The price for a share in the initial public offering of Naver's messaging app Line has been set at 3,300 yen or around W37,200, the IT giant said Monday.
This is the highest of the envisioned IPO prices Line announced earlier this month.
Line, which is based in Japan, will take initial subscriptions on Tuesday and Wednesday and be listed on the New York and Tokyo stock exchanges on Friday.
Following its listing, Line's market capital will swell to an estimated 6,390 yen (around W7.9 trillion), making it the biggest IPO for a tech company this year.
Line will also issue 35 million new shares to raise 133 billion yen (around W1.5 trillion).
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