Line Corp. is aiming to go public in Japan and the U.S. at a total market valuation of 588 billion yen ($5.5 billion), putting it on track to deliver the biggest market debut for a technology company this year.
Japans most popular mobile-messaging service is seeking to raise 113 billion yen from the sale of new and existing shares, including an over-allotment, Line said in a filing Friday. The IPO price range will be set on June 27, and the final price on July 11, the company said.
SEE ALSO: Japan’s Line Said to Reveal IPO Details
The Tokyo-based company, owned by South Korean search portal Naver Corp., is also planning a long-term expansion in the U.S. Line, whose app debuted in 2011, pioneered the business model of selling digital stickers for people to buy and share during chat sessions on their mobile phones. The funding will also give Line, with 218 million monthly active users, more resources to challenge Facebook Inc.s Messenger and WhatsApp, or Chinas WeChat.
Nomura Holdings Inc., JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. are the lead underwriters.
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This article originally published at Bloomberg here