NEW YORK — LINE Corporation, a leading platform for mobile messaging and communication services based in Japan, began trading today on the New York Stock Exchange (NYSE) under the ticker symbol “LN”. Shares in the company opened at $42, up 25% during trading Thursday.
LINE raised $1.1 billion in gross proceeds and is the third U.S. IPO to raise over $1 billion in proceeds, following US Foods (USFD) and MGM Growth Properties (MGP). GTS is the NYSE Designated Market Maker (DMM) for LINE’s shares.
To mark LINE’s public debut, Chief Global Officer Jungho Shin, Chief Financial Officer In Joon Hwang and Chief Strategy and Marketing Officer Jun Masuda rang The Opening Bell and visited the company’s DMM on the NYSE Trading Floor to observe the opening of LN. They were joined by popular LINE characters Cony and Brown. LINE employees in Tokyo cheered the stock’s opening via live webcast.
“Today is an exciting day at the NYSE as we welcome LINE, a leading global messenger app and the largest tech IPO to date in 2016, to our community of the world’s leading network of innovative companies,” said Tom Farley, NYSE Group President. “We congratulate the LINE team on its IPO and look forward to delivering the superior market quality, global visibility and best-in-class issuer services that are associated with listing on the NYSE.”
LINE’s IPO on the NYSE follows the recent listing of another high-profile tech IPO, Twilio (TWLO), the first U.S. venture-backed tech IPO of 2016. The NYSE has led in tech IPOs since 2012 and has welcomed tech leaders such as Twitter, Alibaba, Pure Storage, and Square to name a few.