Line Shares 25 Times Oversubscribed

Posted: Jul 13 2016, 3:22am CDT | by , in News | Latest Business News


Line Shares 25 Times Oversubscribed
Photo Credit: Getty Images

Shares of Japanese messaging-app operator Line have been soaring ahead of its initial public offering in New York and Tokyo and are now 25 times more oversubscribed, the media reported on Wednesday.

Interest among non-Japanese investors appears to be especially strong, apparently due to a reduced number of information technology related IPOs this year, Efe news reported.

In the case of foreign investors, oversubscription exceeded more than 25 times the volume of shares that were on offer, as opposed to 13 times in case of Japanese institutional investors and 18 in case of Japanese individuals.

After fixing the price of its stock on Monday at $31.6, Line expects to attract about $1.2 billion.

It is estimated that market capitalization of the Tokyo-based company will exceed more than $6.7 billion after its premiere at the New York Stock Exchange on July 14 and Tokyo Stock Exchange on July 15.

The instant messaging application, that also offers free calls, was launched in June 2011 and boasts of around 218.4 million monthly active users.

You May Like


The Author

<a href="/latest_stories/all/all/59" rel="author">IANS</a>
The Indo-Asian News Service (IANS) was established in 1986, initially to serve as an information bridge between India and its thriving Diaspora in North America. Now IANS is a full-fledged wire agency, putting out news 24x7 from around the world.




Leave a Comment

Share this Story

Follow Us
Follow I4U News on Twitter
Follow I4U News on Facebook

Read the Latest from I4U News