TEMPO.CO, Tokyo – Internet portal operator Naver Corp has delayed its initial public offering (IPO) plan for LINE Corp—its instant messaging application subsidiary. LINE, initially planning to go public this year, is still considering whether to list their shares in Japan or the United States.
Japan LINE Corp. spokesman Fumiko Hayashi said the company still focuses on strengthening their business growth. "Now is not the optimal timing for an initial public offering," he told Dow Jones Newswires as quoted by Channel News Asia yesterday.
Hayashi said the company is still undecided about when or where it would seek listing.
LINE had announced that it will list on the Tokyo Stock Exchange in July 2014, issuing more than US$9.2 billion worth of shares to the public. LINE is also considering the New York Stock Exchange (NYSE), with a possibility to have dual listing both in Japan and the US.
CHANNEL NEWS ASIA | AP | REUTERS | SETIAWAN ADIWIJAYA