>> An IPO pricing setting the tone for the biggest tech listing of the year. Japanese messaging app, LINE, announcing its price range after a delay at the start of the week, and demand is looking strong from investors at home and abroad. More than 14 million shares could go on sale when the company dual lists in New York and Tokyo next month, valuing LINE at more than $6.5 billion.
The bullish pricing shrugging off fears of market volatility that's already prompted some firms to delay or even shelve their IPO plans. Investors seem to like LINE's pitch, which emphases steady returns in its core markets Japan, Thailand, Indonesia, and Taiwan, rather than selling itself as a company hellbent on explosive growth.
That said, some fund managers think it should've IPO'd earlier when it was growing rapidly. Morgan Stanley, Goldman Sachs, JPMorgan, and Nomura have all been brought on board to manage the listing. LINE plans to go public on Wall Street on July 14th and in Tokyo the following day.