LINE Corp raises $1.1 billion in 2016's largest tech IPO

Japanese mobile messaging platform LINE Corp began trading on the New York Stock Exchange yesterday, raising $1.1 billion in gross proceeds and becoming the largest tech IPO in 2016.

The company kicked off its life on the stock market with a dual listing in New York and Tokyo, and according to Forbes started trading at $42 per share, well above its IPO price of $32.84. 

LINE, which describes games such as LINE Pop and LINE: Disney Tsum Tsum as the "main pillar" of its content business, has been trying to go public since 2014, when the firm filed for an IPO worth a reported $10 billion. 

In its most recent filing, the company offered words of caution to potential investors, warning that because it draws a "substantial portion" of its revenue from mobile games anchored to its platform, its continued good fortunes will depend on fruitful developer relations. 

"Our growth depends on our ability to consistently launch new games, whether developed internally or by third-party game developers, that achieve significant popularity, as well as to upgrade popular games with new features that our users find attractive," explains the filing.

"Our failure to maintain good relationships with third-party game developers or attract new developers could adversely affect our business, financial condition and results of operations."