NEW YORK — Shares of Japanese messaging app operator Line soared nearly 40% in its US market debut on Thursday, valuing the high-profile tech startup at $9.34b in the biggest tech IPO this year.The offering of 22-million American Depositary Shares (ADSs) at $32.84 each topped the upper end of the expected price range of $28.50-$32.50, raising about $723m. The Tokyo-based company’s shares hit a high of $44.49 in early trading on the New York Stock Exchange.Line, controlled by South Korea’s Naver, will list its stock on the Tokyo Stock Exchange on Friday. The company sold 13-million shares at ¥3,300 per share in Japan, raising about $426.92m. Including an overallotment of 5.25-million shares, the company raised ¥132,8bn ($1.27bn), making the offering Japan’s biggest this year.After the offering, Naver’s ownership dropped to 80.8%.Line, the seventh-most used messenger app globally, said it would use the funds to expand outside Japan and Southeast Asia.The app has a lot of ground to cov...
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