Japanese messaging app Line soars in largest tech IPO of the yearJuly 15, 2016 - 10:52 AMT PanARMENIAN.Net - Shares of Japanese messaging app Line have surged by 50% in its Tokyo trading debut, making it the biggest technology listing of the year, BBC News reports. It also did well in the U.S., rising by 26.6% in its New York trading debut to close at $41.58 on Thursday, July 14. Line, the most popular messaging app in Japan and Thailand, raised more than $1.1bn in its dual listing. The company set its flotation price at 3,300 yen per share which was the top end of the expected range. The shares jumped to 5,000 yen in early trading. Line has about 218 million monthly active users and is famous for selling cute virtual stickers, games and various merchandise. It is wholly-owned by South Korea's Naver Corporation, which is looking to raise funds to expand into more Western markets. However, analysts say the app faces stiff competition from other messaging services provided by Facebook and Google. In Japan, Line has a strong following and claims more users than Facebook or Twitter. However in markets like Korea it lags far behind rival app Kakao Talk, and it is blocked in China. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Armenian delegation participating in NATO PA session The delegation is headed by Andranik Kocharyan, the chairman of the standing committee on defense and security matters. Schengen visa cost won’t change for Armenia – diplomat The increase in the cost of a Schengen visa will not apply to citizens of Armenia, a Foreign Ministry spokesperson has said. Yeremyan Projects opens state-of-the-art dairy production plant Yeremyan Projects officially launched the Yeremyan Products state-of-the-art milk processing plant in Yerevan on May 24. Azerbaijan's defense spending set to increase by 11% Azerbaijan's spending on defense and national security will increase by 11%, according to a fresh bill. |