Line (LN) Stock Rockets on Opening Day

Japanese company Line (LN) raised about $1.3 billion in this morning's initial public offering.
By Michael Sheetz ,

NEW YORK (TheStreet) -- Shares of Line (LN) - Get Report are up by 32.76% to $43.60 in its initial public offering on the New York Stock Exchange on Thursday morning.

Calling it the "biggest tech IPO of the year," Bloomberg TV reported that the Japan-based mobile messaging company will be dual-listed, opening in the U.S. today and in Japan tomorrow.

Line provides free messaging services, both text and voice, and is the seventh most-used messenger application in the world. The company brings in the majority of its revenue from advertising and mobile gaming, as its games have been downloaded more than 620 million times. 

The IPO raised $1.3 billion, with shares opening at around $42. Indications before the open suggested that Line would begin trading between $40 and $43 per share.

Additionally, Jefferies started Line with a "buy" rating this morning, adding to the bullish sentiment surrounding the company. 

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