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July 14, 2016 / 11:51 AM

Line messaging app goes public with $1 billion IPO

Line messaging app goes public with $1 billion IPO

Japanese social networking firm Line made its entry onto the New York Stock Exchange Thursday after raising $1.14 billion. Photo from New York Stock Exchange/Facebook

NEW YORK, July 14 (UPI) -- Japanese social networking firm Line made its entry onto the New York Stock Exchange on Thursday after raising $1.14 billion in the biggest tech initial public offering so far this year.

Line, owned by South Korean Internet company Naver, debuted at $42 per share. It offered 22 million shares on the New York Stock Exchange and 13 million on the Tokyo stock exchange.

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Line is a popular messaging app that is widely used in Asian countries, including Japan, Indonesia, Taiwan and Thailand. The company also provides free voice calls, music, television, games and grocery delivery, among other things.

Line is expected to be valued at $6.6 billion after its IPO. It was created in response to the 2011 earthquake and tsunami in Japan that downed communications. It is now the 7th most used messaging app worldwide.

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