Shares in <a href="https://www.wionews.com/world/levi-strauss-sues-lvmhs-kenzo-over-jeans-pocket-tab-128829">Levi Strauss </a>&amp; Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber.

The 165-year-old US company's return to the public market comes at a time when stocks are near all-time highs and the popularity of denim is surging, driven by the resurgence of 1990s styles such as high-waist and pinstriped jeans.

"I'm not going to live or die by what the stock does day in and day out," Chief Executive and President Chip Bergh said in a telephone interview. "We're here to run the business for the long term. It is humbling that the stock was so well received today. That is pretty awesome."

The self-proclaimed inventor of the blue jeans, which has grown to become one of the world's most recognised denim brands, Levi Strauss hopes to use a part of the proceeds from the IPO to expand in emerging markets such as Brazil, China and India.

"Denim continues to prove prevalent in streetwear and on the runway, so we're not expecting it to go anywhere anytime soon," an analyst at retail analytics firm Edited said. "That's why now is a great time for Levi's to capitalise on this momentum."

Levi accounted for 5 per cent of the global jeans market in 2018, according to market research firm Euromonitor. The market has remained flat from 2013 to 2018 but is expected to grow at a compound annual growth rate of 2 per cent until 2023 if prices remain at 2018 levels.

Going forward, Bergh also said Levi can double its business in Asia in the next couple of years "and then double it again".

Levi does not disclose its earnings in China but Bergh said it makes up around a quarter of its total Asia business, which had just over $800 million in revenue last year.

Levi first went public in 1971. It then sold 1.27 million shares at $47 each and the stock opened at $60, according to a New York Times report. After 14 years, it was taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout.

Levi's second IPO was priced at $17, above the expected range, in an oversubscribed offering. By Thursday afternoon, the shares had hit a high of $23.15.

Levi's market splash marks the start of what could be a blockbuster year for IPOs with several high profile companies expected to list their shares.

Ride-hailing service provider Lyft Inc kicked off the investor roadshow for its market debut on Monday, while larger rival Uber is expected to go public in April.

The line-up also includes photo-posting app Pinterest and business messaging app Slack.

The Haas family, which has over 100 members and is between its fifth and sixth generations, according to Bergh, will retain 80 per cent voting control of the public company.

Bergh said a desire among existing shareholders to diversify, coupled with strong corporate performance and supportive market conditions, led to the decision to go public in 2019.

"The market is pretty ripe and we're the first big IPO of the year," he said. "There was a lot of pent-up demand because it's been pretty slow the last couple of months and that was also probably a tail-wind for us."

The company's $8.7 billion market capitalisation at the start of trading is based on outstanding shares of about 390 million, which includes the over-allotment option.

"There is a lot to like when it comes to Levi Strauss the brand and its outlook moving forward," said Jeff Zell, senior research analyst and partner at IPO tracking firm, IPO Boutique.

"The company and the underwriters targeted a reasonable valuation to start and allowed the true investor demand to dictate price which ultimately came one dollar above range."

Levi's revenue rose 14 per cent to $5.6 billion in 2018, the bulk of which came from men's denim. Its biggest market in the Americas, accounting for 55 per cent of overall revenue.

The San Francisco-based company sells in 110 countries through 50,000 retail stores, and its rivals include Gap Inc and VF Corp's Lee and Wrangler brands.

To attract young customers, Levi's is planning to expand its tailor shop and print bar that allow consumers to customise and put their own designs on the company's branded jeans and T-shirts.

Shares in Levi Strauss & Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber.

Shares in Levi Strauss & Co surged 31 per cent in their debut on Thursday, giving the jeans maker a market value of $8.7 billion and suggesting strong investor appetite before much-awaited listings from Lyft and Uber. The 165-year-old US company's return to the public market comes at a time when stocks are near all-time highs and the popularity of denim is surging, driven by the resurgence of 1990s styles such as high-waist and pinstriped jeans. "I'm not going to live or die by what the stock does day in and day out," Chief Executive and President Chip Bergh said in a telephone interview. "We're here to run the business for the long term. It is humbling that the stock was so well received today. That is pretty awesome." The self-proclaimed inventor of the blue jeans, which has grown to become one of the world's most recognised denim brands, Levi Strauss hopes to use a part of the proceeds from the IPO to expand in emerging markets such as Brazil, China and India. "Denim continues to prove prevalent in streetwear and on the runway, so we're not expecting it to go anywhere anytime soon," an analyst at retail analytics firm Edited said. "That's why now is a great time for Levi's to capitalise on this momentum." Levi accounted for 5 per cent of the global jeans market in 2018, according to market research firm Euromonitor. The market has remained flat from 2013 to 2018 but is expected to grow at a compound annual growth rate of 2 per cent until 2023 if prices remain at 2018 levels. Going forward, Bergh also said Levi can double its business in Asia in the next couple of years "and then double it again". Levi does not disclose its earnings in China but Bergh said it makes up around a quarter of its total Asia business, which had just over $800 million in revenue last year. Levi first went public in 1971. It then sold 1.27 million shares at $47 each and the stock opened at $60, according to a New York Times report. After 14 years, it was taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout. Levi's second IPO was priced at $17, above the expected range, in an oversubscribed offering. By Thursday afternoon, the shares had hit a high of $23.15. Levi's market splash marks the start of what could be a blockbuster year for IPOs with several high profile companies expected to list their shares. Ride-hailing service provider Lyft Inc kicked off the investor roadshow for its market debut on Monday, while larger rival Uber is expected to go public in April. The line-up also includes photo-posting app Pinterest and business messaging app Slack. The Haas family, which has over 100 members and is between its fifth and sixth generations, according to Bergh, will retain 80 per cent voting control of the public company. Bergh said a desire among existing shareholders to diversify, coupled with strong corporate performance and supportive market conditions, led to the decision to go public in 2019. "The market is pretty ripe and we're the first big IPO of the year," he said. "There was a lot of pent-up demand because it's been pretty slow the last couple of months and that was also probably a tail-wind for us." The company's $8.7 billion market capitalisation at the start of trading is based on outstanding shares of about 390 million, which includes the over-allotment option. "There is a lot to like when it comes to Levi Strauss the brand and its outlook moving forward," said Jeff Zell, senior research analyst and partner at IPO tracking firm, IPO Boutique. "The company and the underwriters targeted a reasonable valuation to start and allowed the true investor demand to dictate price which ultimately came one dollar above range." Levi's revenue rose 14 per cent to $5.6 billion in 2018, the bulk of which came from men's denim. Its biggest market in the Americas, accounting for 55 per cent of overall revenue. The San Francisco-based company sells in 110 countries through 50,000 retail stores, and its rivals include Gap Inc and VF Corp's Lee and Wrangler brands. To attract young customers, Levi's is planning to expand its tailor shop and print bar that allow consumers to customise and put their own designs on the company's branded jeans and T-shirts.

Levi Strauss shares surge 31 per cent in stock market return

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to <a href="http://www.wionews.com/world/huawei-cfo-meng-wanzhou-freed-on-bail-leaves-courthouse-183504">Chinese telecom gear maker Huawei</a>.

Following its $23.5 billion initial public offering, shares of the telecoms unit of SoftBank Group Corp fell as far as 1,344 yen five minutes into trade, or 10.4 per cent lower than its IPO price of 1,500 yen. The broader Tokyo market was down 1.0 per cent.

At 9:27 am (0027 GMT), the shares were at 1,367 yen, after opening at 1,463 yen. SoftBank Group was down 2.7 per cent.

SoftBank Corp CEO Ken Miyauchi will hold a news conference at 0630 GMT.

The IPO was just shy of the world record $25 billion 2014 listing of Chinese e-commerce giant Alibaba Group Holding Ltd, a SoftBank Group portfolio company.

During the IPO period, Japan's third-largest mobile phone network provider by subscriber numbers suffered a rare nationwide service outage, which it said would not affect earnings or dividends.

Adding to investor worries, SoftBank Corp's relationship with Huawei Technologies Co Ltd&nbsp;came under scrutiny as governments around the world moved to shut out the Chinese firm amid worries its gear could facilitate Chinese spying.

SoftBank Corp, which has the most exposure to Huawei among Japanese telecoms firms, plans to replace Huawei-provided 4G network equipment with other suppliers' hardware, two sources said, in a process likely to be time-consuming and expensive.

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to Chinese telecom gear maker Huawei.

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to Chinese telecom gear maker Huawei. Following its $23.5 billion initial public offering, shares of the telecoms unit of SoftBank Group Corp fell as far as 1,344 yen five minutes into trade, or 10.4 per cent lower than its IPO price of 1,500 yen. The broader Tokyo market was down 1.0 per cent. At 9:27 am (0027 GMT), the shares were at 1,367 yen, after opening at 1,463 yen. SoftBank Group was down 2.7 per cent. SoftBank Corp CEO Ken Miyauchi will hold a news conference at 0630 GMT. The IPO was just shy of the world record $25 billion 2014 listing of Chinese e-commerce giant Alibaba Group Holding Ltd, a SoftBank Group portfolio company. During the IPO period, Japan's third-largest mobile phone network provider by subscriber numbers suffered a rare nationwide service outage, which it said would not affect earnings or dividends. Adding to investor worries, SoftBank Corp's relationship with Huawei Technologies Co Ltd came under scrutiny as governments around the world moved to shut out the Chinese firm amid worries its gear could facilitate Chinese spying. SoftBank Corp, which has the most exposure to Huawei among Japanese telecoms firms, plans to replace Huawei-provided 4G network equipment with other suppliers' hardware, two sources said, in a process likely to be time-consuming and expensive.

SoftBank Corp shares slide 10% on debut after record Japan IPO

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering.

 
By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees.

 
The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times

Shares in Indian private sector lender Bandhan Bank Ltd rose as much as 33 per cent in their trading debut&nbspon Tuesday&nbspafter its $691 million initial public offering. By 0430 GMT, the shares were trading at 461.35 rupees, 23 per cent higher than the IPO issue price of 375 rupees. The IPO, which is the biggest for an Indian bank, had been subscribed nearly 15 times, driven by strong demand from institutional investors.

Bandhan Bank soars in trading debut after $691 million IPO

Future Group&rsquo;s logistics arm Future Supply Chain Solutions said Tuesday it has garnered Rs 195 crore ahead of its initial public offering (IPO) that opens on Wednesday.

The Future Supply Chain IPO saw allocation of over 29.35 lakh equity shares to 16 anchor investors at Rs 664 per share, the upper end of the price band of Rs 660-664. At this price, the total amount works out to be Rs 194.90 crore. Anchor investors include HDFC Trustee Co., Reliance Capital Trustee Co. Ltd, L&amp;T Mutual Fund and IDFC Mutual Fund.

The Future Supply Chain IPO will be open for public subscription during 6-8 December at a price band of Rs 660-664 per share. The issue is a mix of fresh issuance of shares by promoters Future Enterprises, which will lead to a dilution of 4.43% of their stake, as well as an offer-for-sale by private equity investor Griffin Partners aggregating to 20% of equity. Together, the issuer will sell 24.43% or 9,784,570 shares for up to Rs 650 crore.

Edelweiss Financial Services, CLSA India, Nomura Financial Advisory and Securities (India) Pvt. Ltd, IDFC Bank Ltd, IIFL Holdings Ltd and Yes Securities (India) Ltd are the book-running lead managers to the Future Supply Chain IPO.

The anchor investors include HDFC Trustee Co., Reliance Capital Trustee Co. Ltd, L&T Mutual Fund and IDFC Mutual Fund

Future Group’s logistics arm Future Supply Chain Solutions said Tuesday it has garnered Rs 195 crore ahead of its initial public offering (IPO) that opens on Wednesday. The Future Supply Chain IPO saw allocation of over 29.35 lakh equity shares to 16 anchor investors at Rs 664 per share, the upper end of the price band of Rs 660-664. At this price, the total amount works out to be Rs 194.90 crore. Anchor investors include HDFC Trustee Co., Reliance Capital Trustee Co. Ltd, L&T Mutual Fund and IDFC Mutual Fund. The Future Supply Chain IPO will be open for public subscription during 6-8 December at a price band of Rs 660-664 per share. The issue is a mix of fresh issuance of shares by promoters Future Enterprises, which will lead to a dilution of 4.43% of their stake, as well as an offer-for-sale by private equity investor Griffin Partners aggregating to 20% of equity. Together, the issuer will sell 24.43% or 9,784,570 shares for up to Rs 650 crore. Edelweiss Financial Services, CLSA India, Nomura Financial Advisory and Securities (India) Pvt. Ltd, IDFC Bank Ltd, IIFL Holdings Ltd and Yes Securities (India) Ltd are the book-running lead managers to the Future Supply Chain IPO.

Future Supply Chain IPO opens today, Rs195 crore raised from anchor investors

India Grid Trust&#39;s initial public offering to raise up to $347 million was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed.

Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange.

India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund&#39;s IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times.

IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings.

Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors.

Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO.

Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer.

(Reuters)

Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange

India Grid Trust's initial public offering to raise up to $347 million was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed. Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange. India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund's IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times. IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings. Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends. India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors. Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO. Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer. (Reuters)

India Grid Trust IPO fully subscribed on last day of sale

BSE&#39;s initial public offer -- the first by a domestic stock exchange in India -- to raise up to Rs 1,243 crore was fully subscribed by the afternoon trade today, the second day of the offer.

The IPO, which closes tomorrow, received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares, data available with the NSE till 1330 hrs showed.&nbsp;The stock exchange aims to raise up to Rs 1,243 crore from the IPO, which is priced at Rs 805-806 per share.

During the initial share sale -- which is also a first by any company this year -- shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band.&nbsp;The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE.

Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter.&nbsp;Last Friday BSE had raised Rs 373 crore by allotting shares to anchor investors.

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="videos-block">
<div class="embed-responsive embed-responsive-16by9"><iframe class="embed-responsive-item" src="https://www.youtube.com/embed/uz1MzZ-wOJ0"></iframe></div>
</div>

<div class="media-description">
The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares (WION)
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

BSE shares will be listed on NSE as Sebi rules do not allow self-listing for an exchange.&nbsp;Capital market regulator Sebi had given its final go- ahead to the draft prospectus for the IPO on December 30.

Meanwhile, rival NSE too filed draft papers with Sebi last month for an estimated Rs 10,000-crore IPO.&nbsp;Among the existing BSE, shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, a Mauritius-based arm of American investor George Soros&#39; Quantum Fund and foreign fund Atticus.

There are an estimated 9,000 shareholders at BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments.

The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals.

BSE is the world&#39;s largest exchange by the number of listed companies. It is India&#39;s largest and the world&#39;s 10th largest exchange by market capitalisation.&nbsp;The market capitalisation of BSE-listed companies stands at Rs 1,11,56,778 crore.

Multi Commodity Exchange of India is the only listed bourse in the country.&nbsp;

(PTI)

The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares

BSE's initial public offer -- the first by a domestic stock exchange in India -- to raise up to Rs 1,243 crore was fully subscribed by the afternoon trade today, the second day of the offer. The IPO, which closes tomorrow, received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares, data available with the NSE till 1330 hrs showed. The stock exchange aims to raise up to Rs 1,243 crore from the IPO, which is priced at Rs 805-806 per share. During the initial share sale -- which is also a first by any company this year -- shareholders will sell 15.43 million shares estimated to be around Rs 1,243.44 crore at the higher end of the price band. The IPO of 15,427,197 shares of face value of Rs 2 each will constitute up to 28.26 per cent of the fully-diluted post offer issued share capital of BSE. Bids for the issue can be made for a minimum of 18 shares and in multiples of 18 thereafter. Last Friday BSE had raised Rs 373 crore by allotting shares to anchor investors. The IPO received bids for 1,08,89,568 shares against the total issue size of 1,07,99,039 shares (WION) × BSE shares will be listed on NSE as Sebi rules do not allow self-listing for an exchange. Capital market regulator Sebi had given its final go- ahead to the draft prospectus for the IPO on December 30. Meanwhile, rival NSE too filed draft papers with Sebi last month for an estimated Rs 10,000-crore IPO. Among the existing BSE, shareholders are Bajaj Holdings Investment, Caldwell India Holdings, Acacia Banyan Partners, Singapore Exchange, a Mauritius-based arm of American investor George Soros' Quantum Fund and foreign fund Atticus. There are an estimated 9,000 shareholders at BSE, where originally mostly brokers held shares. However, a host of foreign investors and domestic financial institutions have acquired shares over the years and the IPO will provide some of them an exit window to monetise their investments. The issue is being managed by Edelweiss Financial Services, Axis Capital, Jefferies India, Nomura Financial Advisory and Securities (India) Pvt, Motilal Oswal Investment Advisors, SBI Capital Markets and SMC Capitals. BSE is the world's largest exchange by the number of listed companies. It is India's largest and the world's 10th largest exchange by market capitalisation. The market capitalisation of BSE-listed companies stands at Rs 1,11,56,778 crore. Multi Commodity Exchange of India is the only listed bourse in the country. (PTI)

India: BSE's Rs 1,243 crore IPO fully subscribed

Postal Savings Bank of China (PSBC), a state-owned bank, today launched up to 8.1 billion Dollars in an Initial&nbsp;Public Offering (IPO) in Hong Kong. 
 
&nbsp;The deal was majorly covered by cornerstone investors, IFR a Reuters publication reported. 
 
A term sheet of the transaction revealed that the bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 each. 
 
A conglomerate of six investors including, CSIC Investment One Limited, Shanghai International Port Group, Victory Global Group and State Grid agreed to buy $5.86 billion worth of shares or 72 per cent of the IPO. 
 
This will put it near 77 per cent cornerstone&nbsp; 
 
That would put it near the record 77 percent cornerstone piece for the 810 million Dollar listing of China Development Bank Financial Leasing Co Ltd. 
 
Once the shares start trading, large investments by cornerstone investors will hurt liquidity for IPOs, as for at least six months the stock will be locked up. 
&nbsp; 
The cornerstone money can also pressure the stock as the expiration of the lock-up period comes closer. 
 
On September 20, IPO is slated to be priced and its debut set for September 28, on Hong Kong stock exchange. 
 
(WION with inputs from Reuters)

PSBC bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 to each cornerstone investor

Postal Savings Bank of China (PSBC), a state-owned bank, today launched up to 8.1 billion Dollars in an Initial Public Offering (IPO) in Hong Kong. The deal was majorly covered by cornerstone investors, IFR a Reuters publication reported. A term sheet of the transaction revealed that the bank is offering 12.1 billion new shares ranging HK$4.68 to HK$5.18 each. A conglomerate of six investors including, CSIC Investment One Limited, Shanghai International Port Group, Victory Global Group and State Grid agreed to buy $5.86 billion worth of shares or 72 per cent of the IPO. This will put it near 77 per cent cornerstone That would put it near the record 77 percent cornerstone piece for the 810 million Dollar listing of China Development Bank Financial Leasing Co Ltd. Once the shares start trading, large investments by cornerstone investors will hurt liquidity for IPOs, as for at least six months the stock will be locked up. The cornerstone money can also pressure the stock as the expiration of the lock-up period comes closer. On September 20, IPO is slated to be priced and its debut set for September 28, on Hong Kong stock exchange. (WION with inputs from Reuters)

China Postal Savings Bank launches 8.1 billion Dollars Initial Public Offering

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world&#39;s biggest tech listing this year. 
 
Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan&#39;s finance ministry showed on Monday. 
 
It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. 
 
Line, owned by South Korea&#39;s Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. 
 
&quot;This is seen as an event by many domestic retail investors. I think the price will rise in the short term,&quot; said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. 
 
But he added that investors will also need to look at whether the company increases profits in the long term. 
 
Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). 
 
Line&#39;s messaging app was launched in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
The bulk of its revenue comes from games and sales of emojis and electronic stickers. 
 
Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. 
 
Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. 
 
($1 = 100.8100 Yen) 
 
(Reuters)

Line is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile

Japanese messaging app firm Line Corp priced its initial public offering (IPO) at the top of its marketed range, putting it on track to raise as much as $1.3 billion and reflecting robust appetite for the world's biggest tech listing this year. Line set the IPO price at 3,300 Yen per share, compared with its book-building range of 2,900-3,300 Yen, a filing with Japan's finance ministry showed on Monday. It had initially set the range at 2,700-3,200 Yen but bumped it up last week amid buoyant demand. Line, owned by South Korea's Naver Corp, is set for a dual New York and Tokyo listing this week, raising funds and boosting its profile to ratchet up its global expansion outside its key markets of Japan and Southeast Asia. "This is seen as an event by many domestic retail investors. I think the price will rise in the short term," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management. But he added that investors will also need to look at whether the company increases profits in the long term. Including an overallotment arrangement, Line is selling up to 132.8 billion Yen ($1.3 billion) of shares. The IPO pricing values the company at 693 billion Yen ($6.9 billion). Line's messaging app was launched in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. The bulk of its revenue comes from games and sales of emojis and electronic stickers. Line will debut on the New York Stock Exchange on Thursday and on the Tokyo Stock Exchange the following day. Morgan Stanley, Goldman Sachs, JP Morgan and Nomura are managing the listing. ($1 = 100.8100 Yen) (Reuters)

Japan's messaging app Line prices IPO at top of the range, may raise up to $1.3 billion

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. 
 
Line&#39;s initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line&#39;s home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. 
 
In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. 
 
The bulk of Line&#39;s revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. 
 
&quot;Localisation of the service, of the marketing, of the stickers that we provide - this is very important,&quot; CEO Takeshi Idezawa told Reuters in April. 
 
Fund managers who have watched Line&#39;s growth slow in a crowded global messaging app market assess the plan with caution. 
 
&quot;I&#39;m not interested,&quot; said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). &quot;Its growth outlook is very poor.&quot; 
 
&quot;Among the four countries that it&#39;s focusing on, only Indonesia has big room for growth in use,&quot; he added. &quot;Even there, the business outlook is not that easy.&quot; 
 
Growth in Line&#39;s monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn&#39;t providing much visibility about the future either - it says in its filing that limited operating history makes it &quot;difficult&quot; to forecast future results. 
 
Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook&#39;s WhatsApp and Tencent&#39;s WeChat. 
 
Earthquake Aftermath 
 
The company will fix its IPO price range on Monday. There is no change to the listing&#39;s schedule following Britain&#39;s vote to leave the European Union, a Line spokeswoman said on Friday. 
 
The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country&#39;s largest listing since Japan Post&#39;s $12 billion offering last year. 
 
Line&#39;s likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. 
 
Line declined to comment, citing a media blackout period ahead of the IPO. 
 
Line&#39;s messaging app was launched as NHN Japan in the aftermath of Japan&#39;s 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country&#39;s dominant mobile messaging platform over the next few years. 
 
However, in that period, it identified what it described in its IPO filing as &quot;material weaknesses&quot; in controls over financial reporting. 
 
Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. 
 
Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. 
 
Pushed as value pay 
 
Idezawa, who became Line&#39;s chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. 
 
Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. 
 
&quot;When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised,&quot; said a person involved in the IPO. &quot;It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company.&quot; 
 
Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. 
 
While that story has been met favourably by Japan&#39;s risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line&#39;s ad-driven growth push. 
 
&quot;I went to the company&#39;s meeting with investors... but nothing moved me,&quot; said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. &quot;It&#39;s not clear how it can make money out of its advertisement business.&quot; 
 
(Reuters)

Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors

In delaying its IPO by two years, Japanese messaging app company Line Corp bought time to correct weak financial reporting controls, work on its business plan, bolster staffing - and left billions of dollars on the table as its valuation shrivelled. Line's initial public offering in the next three weeks is set to raise about $1 billion, which given a global drought of such deals could make it the biggest tech listing this year, but sceptical fund managers point to tepid growth in Line's home market and doubts about its prospects for regional expansion. They also question whether its advertising revenue strategy will work. In seeking to earn more from its major Asian markets of Japan, Thailand, Indonesia and Taiwan, Line will try to generate more revenue from services such as advertising and offer more localized products, its IPO filing said. The bulk of Line's revenue comes from games and sales of emojis and electronic stickers, including Brown the bear and Cony, his flatulent rabbit girlfriend. "Localisation of the service, of the marketing, of the stickers that we provide - this is very important," CEO Takeshi Idezawa told Reuters in April. Fund managers who have watched Line's growth slow in a crowded global messaging app market assess the plan with caution. "I'm not interested," said Yasuo Sakuma, portfolio manager at Bayview Asset Management, which manages 270 billion yen ($2.64 billion). "Its growth outlook is very poor." "Among the four countries that it's focusing on, only Indonesia has big room for growth in use," he added. "Even there, the business outlook is not that easy." Growth in Line's monthly active users has tailed off after tripling across the world over the past three years. Last year, user numbers rose just 13 million to 218 million at the end of March, the IPO filing showed. The company isn't providing much visibility about the future either - it says in its filing that limited operating history makes it "difficult" to forecast future results. Globally, Line is the seventh-most used messenger app, data from researcher Statista shows, behind the likes of Facebook's WhatsApp and Tencent's WeChat. Earthquake Aftermath The company will fix its IPO price range on Monday. There is no change to the listing's schedule following Britain's vote to leave the European Union, a Line spokeswoman said on Friday. The dual New York and Tokyo listing, set for July 14-15, would value Line at about 588 billion yen ($5.75 billion) and make it the country's largest listing since Japan Post's $12 billion offering last year. Line's likely valuation is far less than the $10 billion-$20 billion that was expected by investors when South Korean parent Naver Corp previously talked of a Line listing in 2013-2014, although Line may not have had much choice but to wait. Line declined to comment, citing a media blackout period ahead of the IPO. Line's messaging app was launched as NHN Japan in the aftermath of Japan's 2011 earthquake and tsunami to overcome downed communications, growing unexpectedly to become the country's dominant mobile messaging platform over the next few years. However, in that period, it identified what it described in its IPO filing as "material weaknesses" in controls over financial reporting. Line has now tightened board and management approval for major transactions, it said in its prospectus, and crafted a strategy focusing on Japan, Thailand, Indonesia and Taiwan, which account for more than half its users. Line has also bolstered staff numbers by recruiting over 750 workers between December 2014 and March, its IPO filing shows, with designers and engineers among the recruits. It has around 2,540 full-time employees. Pushed as value pay Idezawa, who became Line's chief executive in March last year, has been key to tightened procedures, a person familiar with the matter said. Idezawa is known for his strictness on compliance-related matters, the person added. Idezawa was previously chief executive of, internet company Livedoor, joining that company a year after it was hit by a high-profile 2006 accounting scandal. "When Line was first seriously considering an IPO around 2013, the overall company was pretty disorganised," said a person involved in the IPO. "It was very much still a venture in terms of mindset. So a lot of people were hired to strengthen the company." Line has pitched its IPO to investors in terms of value and steady returns instead of explosive growth potential. While that story has been met favourably by Japan's risk-averse retail investors - Tokyo brokerages including Daiwa Securities say retail investors have shown strong interest in Line shares - fund managers are wary of Line's ad-driven growth push. "I went to the company's meeting with investors... but nothing moved me," said a fund manager at a major Japanese asset management firm who declined to be named because of company rules against discussing individual shares. "It's not clear how it can make money out of its advertisement business." (Reuters)

Line struggles to demonstrate its growth plan

Japanese messaging app operator Line Corporation&nbsp;plans to list shares worth as much as $1.05 billion in Tokyo and New York next month&nbsp;in what would be Japan&#39;s biggest initial public offering (IPO) this year.

The Tokyo-based firm&nbsp;will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each.

That will value the entire company at 588 billion Yen ($5.5 billion).

Line is currently 100 per cent owned by South Korea&#39;s largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand.

Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen.

Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt.

Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013.

Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November.

Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

The South-Korean owned company's move will be Japan's largest IPO this year

Japanese messaging app operator Line Corporation plans to list shares worth as much as $1.05 billion in Tokyo and New York next month in what would be Japan's biggest initial public offering (IPO) this year. The Tokyo-based firm will sell 13 million new shares in Japan and 22 million shares overseas for an indicative price of 2,800 Yen each. That will value the entire company at 588 billion Yen ($5.5 billion). Line is currently 100 per cent owned by South Korea's largest web portal operator, Naver Corp, which may offer as many as 5.25 million existing shares in the event of excessive demand. Altogether, as many as 40.25 million shares will be sold, valuing the IPO at as much as 112.7 billion Yen. Line said it plans to use the proceeds for strategic investments, including global mergers and acquisitions, and to repay debt. Line launched its messaging app in 2011 under the name NHN Japan as a communication tool prompted by the chaotic aftermath of a devastating earthquake and tsunami in March that year. It rebranded to Line in 2013. Its IPO would be the largest in Japan since the $12 billion partial privatisation of Japan Post and its bank and insurance divisions in November. Line has hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.

Japanese messaging app Line to list shares for $1.05 billion

Ipo, News on Ipo, stories on Ipo, articles on Ipo, Ipo stories at Wion, Ipo news, Ipo latest news

ipo