Line Went IPO
Messenger app and social platform Line went public recently. Line raised $1.25 billion in its IPO, closed out its first day on the New York Stock Exchange at $41.58 per share, down just 1 percent from the $42 price for 22 million shares. They also offered 13 million shares on Tokyo’s stock exchange. The company reported has $9.3 billion valuation. It’s a biggest market debut of a tech company this year.
The app was created by NHN Japan, a Japanese subsidiary of South Korean internet giant Naver, in the wake of the catastrophic earthquake and tsunami that hit Japan in 2011. NHN Japan's employees developed Line to communicate with each other following the ravaging of the country's telecommunications infrastructure.
Not only as a messaging app, Line also has a music streaming service and a mobile payment service. The company launch its own SIM cards that let people make Line voice calls and listen to music on Line Music without using up their data plans. With over 200 million active users around the world, Line made a good fight among rivals messenger platforms like WeChat (700 million active users), WhatsApp (one billion active users), Facebook Messenger (900 million active users), and more. Because Line has managed to carve out a niche in Asia with 150 million of its total user base scattered across top four countries: Japan, Taiwan, Thailand, and Indonesia.
Actually they planned to IPO in 2014 but they postponed it due to their overseas expansion plan. Though they are hugely popular in Japan, Line hardly grow elsewhere even scrapped their plans for IPO in 2015. And now they finally went public which people thought it would never happen at all this year.