Chat app Line targets $1.14B raise in IPO
Japanese messaging-app operator Line Corp. announced pricing for its dual initial public offering in New York and Tokyo, raising $1.14 billion ( 115.5 billion yen ). The app would be trading with both the countries to hold 2016's largest tech public listing. The shares of the Line is ¥3,300 which represents the top end of its range thanks to high demand.
LINE Corporation: Japanese messaging-app operator
Line, the messaging app is based in Japan. The app was renamed from NHN Japan Corporation on April 1, 2013, and operates the LINE, NAVER matome, and livedoor web service businesses. Since launching LINE in June 2011, LINE Corporation settled the core of its business upon the service and pushed for the further widening of the service on a global scale.
Ranking in the 'free app category'
LINE has been ranked no. 1 in the free app category in 44 countries including Japan, Taiwan, Thailand, Spain, China, Hong Kong, Singapore, Malaysia, Macau, Switzerland, Russia, Saudi Arabia, United Arab Emirates and more.
LINE faces fall in revenue for the first time
The messaging app Line faced decrease in its revenue quarter-on-quarter for the first time in an attempt to grow its user base in a surrounded world of competition. The company saw a 1% decrease on its previous quarter of business. In 2014, the company posted stellar revenue growth but failed to expand successfully beyond parts of Asia which grounded things to a halt.
Line displaces WhatsApp, Facebook Messenger
In 2015, messaging and social application Line succeeded Facebook Messenger and WhatsApp as the fastest-growing mobile messaging app. In a Q2 Mobile Messaging Report it was found that Japan's Line rose 99% in terms of the percentage of survey respondents who used it. However, other chat apps including both WhatsApp and Messenger were recorded with an increase of 49 percent and 71 respectively.
Reach of the application
Popular mobile messaging chat app LINE was inspired by the tragic earthquake that happened in Japan in 2011. It has more than 150 million users worldwide and is used in over 230 countries.
