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Stocks

Line-related shares rise on IPO report

TOKYO -- Shares in companies offering services for popular chat app Line were trading higher in Tokyo on Friday morning following a report by The Nikkei that Line is set to receive the green light for its two initial public offerings.

The Nikkei said on Friday that both the Tokyo Stock Exchange and the New York Stock Exchange are expected to approve Line's IPO that day.

MTI, which provides stickers for use in Line chats, jumped 7.6% at one point from Thursday's closing level, while Ateam, a game content provider for Line, also gained ground.

The Tokyo-based messaging app service is expected to raise some 100 billion yen ($933 million) through the double IPOs. Expectations are growing that if the company uses that money to expand into other Asian countries, "companies offering services on Line may also grow further," an official at SBI Securities said.

Shares in Line's parent company, Naver, which is listed on the Korea Exchange, are little changed.

(NQN)

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