Line Corp sets 2,700-3,200 yen tentative IPO price range: Dow Jones

Reuters News
Posted: Jun 28, 2016 1:27 AM

TOKYO (Reuters) - Japanese messaging app operator Line Corp has set a tentative price range of 2,700 yen to 3,200 yen ($26 to $32) a share for an initial public offering (IPO) in Tokyo, Dow Jones reported on Tuesday, citing an unidentified source.

The range compared with the 2,800 yen reference price Line announced earlier this month.

At the top of the range reported by Dow Jones, Line would raise up to 112 billion yen ($1.1 billion) from the sale of 35 million new shares.

The company plans to list in Tokyo on July 15. It also plans to list in New York a day earlier.

Line on Monday delayed the announcement of the price range until Tuesday after 3 p.m. local time (0600 GMT). It said it needed to assess how equity markets in New York and London performed following Britain's vote to exit the European Union.

(Writing by Thomas Wilson; Editing by Christopher Cushing)