LINE, a Japanese application for instant messaging on smartphones and PCs, filed and set terms for its IPO on Friday.
The Tokyo, Japan-based company plans to raise $928 million by offering 35 million shares at a price range of $25 to $28. At the midpoint of the proposed range, it would command a market value of $5.6 billion. LINE plans to dual list on the NYSE under the symbol LN and on the Tokyo Stock Exchange under the code 3938, but did not disclose how many shares would be offered on each.
The full deal size of $928 million represents the largest US tech IPO since Alibaba (BABA) raised $22 billion in September 2014.
LINE was founded in 2011 and booked $1.1 billion in sales for the 12 months ended March 31, 2016. Morgan Stanley, Nomura Securities, Goldman Sachs and J.P. Morgan are the joint bookrunners on the deal.
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