LINE, a leading Japanese mobile messaging application being carved out of Naver, raised the proposed deal size for its upcoming IPO on Tuesday.
The Tokyo, Japan-based company now plans to raise $1.07 billion by offering 35 million shares at a price range of $28.50 to $32.50. The company had previously filed to offer 35 million shares at a range of $26.50 to $31.50. At the midpoint of the revised range, LINE will raise 5% more in proceeds than previously anticipated.
LINE is the year's first company to raise its proposed range ahead of the US IPO.
LINE was founded in 2011 And booked $1.2 billion in sales for the 12 months ended March 31, 2016. It plans to list on the NYSE under the symbol LN. Morgan Stanley, Goldman Sachs, J.P. Morgan and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of July 11, 2016.
