Line Corp. set the price of its initial public offering at the top of the targeted range and will exercise an option to sell more stock as investors shrug off market volatility caused by Britain's decision to bolt from the European Union.
The mobile-messaging service, owned by South Korean portal Naver Corp., will sell 35 million shares at ¥3,300 apiece, the company said Monday. It will also sell 5.25 million shares through a so-called greenshoe, which will allow it to increase the amount of stock sold, increasing the total raised to ¥132.8 billion ($1.3 billion).
Line announced plans for the IPO weeks before the U.K. held its vote on Brexit, a decision that unleashed market volatility across the world's equities and currencies. At the IPO price, the company is valued at about $6.9 billion and will be the biggest technology debut of the year.
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