Line voice app developer plans to list on Tokyo exchange-Nikkei
Oct 25 (Reuters) - The developer of the Line free voice calling and messaging app plans to list on the Tokyo Stock Exchange by next summer, the Nikkei said.
Line Corp, owned by South Korea's Naver Corp, will have a market capitalization of 800 billion yen to 1 trillion yen ($8-$10 billion) when it goes public, the Japanese business daily said.
The Line app was developed by employees at Naver's Japanese subsidiary who were forced to turn to the Internet to contact each other after the massive earthquake and tsunami in March 2011 that disrupted phone lines across the country.
The Line app's user base has grown to more than 270 million worldwide, the daily said.
The company is expected use the proceeds on advertising and the development of new apps, the business daily said.