Line CEO: growing current business more important now than IPO

Reuters News
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Posted: Oct 09, 2014 3:58 AM

TOKYO (Reuters) - The CEO of Japanese messaging app operator Line Corp said on Thursday that growing the company's current business is more important now than conducting an initial public offering.

"Rather than listing, it's important to grow our current business," Chief Executive Akira Morikawa told a news conference. "For now, we want to challenge new things, and eventually consider an IPO."

Line's parent company, South Korea-based Naver Corp, said last month that it had decided to hold off on an IPO for Line this year on the belief that the unit could command a better valuation by further building its revenue and profit.

(Reporting By Teppei Kasai; Editing by Chris Gallagher)