Messaging app Line set to raise up to $1.3bn in IPO

Japanese messaging app Line is set to raise up to $1.3bn (£1bn) when it lists its shares later this week.

The company set its flotation price at 3,300 yen ($33; £25) per share, at the top end of the expected range.

Line will list its shares in a dual offering in New York and Tokyo on 14 and 15 July.

Line is the most popular messaging app in Japan, Thailand and Taiwan, and its flotation is set to be the world's biggest tech listing so far this year.

Global expansion plans

The messenger app was started in the wake of the 2011 earthquake and tsunami to offer a communications platform when many phone services where down.

Line is owned by South Korea's Naver Corporation and hopes the share sale will not only raise funds but also boost its profile to tie in with global expansion plans.

While dominant in a number of Southeast Asian markets, the company has been struggling to expand its user base further.

Line has about 218 million monthly active users and makes its money from advertising as well as selling its virtual stickers and games.