One of the few tech companies debuting in a sluggish IPO market this year, LINE Corp. (NYSE:LN) will soon celebrate the one-month anniversary of its initial public offering. The Japanese messing-app maker soared on its first day of trading, and the stock remains well above its original price.
On July 14, shares of LINE hit the New York Stock Exchange at $32.50 per share, above the company’s initially announced range. The stock would close at $41.55 per share, an increase of 26.52% in its first day of trading.
Between its offering on the NYSE and its listing in Japan, LINE raised more than $1.3 billion during its IPO, making it the largest tech debut of the year.
Over the next two weeks following its report, shares of LN would slowly decline, bottoming out at $36.01 per share. Nevertheless, the stock bounced back and closed at $41.43 per share on Thursday.
LINE is expected to post a loss of 2 cents per share on about $342 million in revenue in its first earnings report since going public. We have not yet seen any earnings estimate revision activity surrounding the company.
One month in, there isn’t too much to mention with Line. It hasn’t made any consistent gains since its first day of trading, but it still sits well above its IPO price. Hopefully LINE’s performance will be enough to inspire the IPO market during the second half of the year.
If you’d like more coverage on the state of the IPO market, check out this episode of the Zacks Friday Finish Line podcast:
LINE CORP -ADR (LN): Free Stock Analysis Report
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