Japan’s messaging app Line fixes IPO prices at $32.8 per share

Line, the Japanese messagingapp operator, on Monday fixed the price of its initial public offering (IPO) at $32.8 a share, the country’s largest listing this year.

The market capitalization of the Tokyobased firm is expected to reach $6.88 billion after its debut on the New York Stock Exchange on July 14 and on the Tokyo Stock Exchange a day later, according to Japanese news agency Kyodo.

The IPO price is at the top of the target range set by the company due to a strong demand for its shares.

The Japanese subsidiary of the South Korean internet search giant Naver plans to raise over $993 million to boost its business abroad and improve its services to compete with overseas rivals.

Line’s listing on the Tokyo Stock Exchange will be the biggest since that of Japan Post, which manages postal services in the country, and its banking and insurance units in November last year.

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

The company reported a turnover of $306.8 million during the first quarter of 2016, a 22 percent jump over the same period last year.