LINE Plans to Go Public in Tokyo, New York

It is widely rumored that LINE Corp., the mobile messaging app unit of South Korea's leading internet service giant Naver Corp., is planning to go public with a dual listing in Tokyo and New York.

According to Japanese news media reports, including Nihon Keizai Shinbun, or the Nikkei, on June 1, the Tokyo Stock Exchange (TSE) has decided to approve the listing of LINE next month. Once it is listed in July, the Tokyo-based company is likely to be listed on the TSE's first section.

Also, the company's market capitalization is expected to reach some 600 billion yen (US$5.51 billion or 6.45 trillion won). It will be the biggest initial public offering in Japan so far this year.

The Nikkei also reported that LINE would be contemplating its simultaneous listing on the New York Stock Exchange (NYSE) next month as well. In this regard, however, Naver said, “Nothing is confirmed.”

When LINE goes public, it will be the first internet service provider to list shares on overseas markets through intangible assets.

As of the end of March, the number of monthly active Line users totaled 218.4 million, with more than half coming from just four countries – Japan, Taiwan, Thailand and Indonesia.