Making a big splash in what most recently a dull year for tech IPOs, Japanese messaging app Line raised $ 1.1 billion in its public market debut Monday.
The company priced its shares at $ 32.84, at the high end of its planned price range. Line offered 35 million shares, according to Renaissance Capital, which manages IPO-focused exchange-traded funds.
The company will trade on the New York Stock Exchange under the symbol LN, and on Tokyo Tokyo Exchange under the symbol 3938.
IPO of 2016 so far – beating out Twilio’s $ 150 million debut last month, Acacia Communications’ $ 100 million debut in May, and SecureWorks’ $ 120 million debut in April. It’s been an unusually slow year for tech IPOs , especially in Silicon Valley, where Twilio is the only company that’s been braved enough to take the plunge. Experts say market volatility has been one factor, combined with an Increasing number of startups raising venture capital funds instead of voyaging out into the public market.
According to the Wall Street Journal. The company will begin trading in New York on Thursday and in Tokyo on Friday.
Twilio shares skyrocketed to nearly twice their IPO price on their first day of trading. The company’s shares were up higher than Monday afternoon.