Ad Banner

Line shares up 28% in Wall Street debut

Japanese messaging app Line experienced a very successful first day in the trading market as it opened with a 28-percent increase on Thursday.

Considered as one of this year’s biggest tech initial public offering, Line offered 22 million shares of its stock on the New York Stock Exchange priced at $32.84. Line (trading under the symbol “LN”) opened trading at $42 a share, which marks a 28% increase.

Line’s IPO is the biggest in tech since 2014, when Chinese-based Alibaba raised more than $20 billion.

The messaging app currently has 675 million registered users, primarily based in Japan and other parts of Asia. Line also has 218 million active users.

Meanwhile, the company is also set to start trading on the Tokyo Stock Exchange.

(Photo Source: USA Today)