J.P. Morgan Named Depositary Bank by LINE Corp.
July 25 2016 - 4:06PM
Business Wire
In the year’s biggest tech IPO with a dual
listing on NYSE and TSE
J.P. Morgan announced today that it has
been appointed as depositary bank for LINE Corporation’s
(“LINE” or the “Company”) American Depositary Receipt (“ADR”)
program, which began trading on the New York Stock Exchange
(“NYSE”) on July 14. The common stock of the company had begun
trading on the Tokyo Stock Exchange (“TSE”) on July 15.
On July 11, the Company priced its Initial Public Offering
(“IPO”) for 35 million shares of common stock (including shares
represented by American Depositary Share (“ADSs”)) at $32.84 per
ADS and JPY3,300 per share of common stock for a total offering
size of around $1.1 billion, making this the biggest technology IPO
so far this year.
LINE is a leading global platform for mobile messaging and
communication services, content distribution and advertising. Its
mobile messaging application, which is the foundation of its LINE
platform, operates on all major mobile operating systems. Since the
introduction of its mobile messaging application in Japan in June
2011, LINE has grown into a global platform with a strong user base
in Asia. LINE’s active user base has grown to 218 million monthly
active users (“MAUs”) globally in March 2016, with 152 million MAUs
located in its four largest markets of Japan, Taiwan, Thailand and
Indonesia.
LINE intends to use the proceeds from its IPO for financing its
business expansion, which may include investment, acquisition or
strategic cooperation to expand its user base or procure additional
content for the LINE platform, as well as marketing new products
and services and repaying outstanding debt.
Mr. In Joon Hwang, Director and CFO, LINE, said: “As Japan’s
first company to complete IPO listing on the NYSE and TSE, we have
successfully expanded our investor base and ensured we remain well
placed to expedite our international growth strategy. We would like
to thank J.P. Morgan’s outstanding depositary receipt team, which
combined first-class advisory services with a large team of ADR
experts to ultimately deliver a tremendous result for LINE.”
“LINE is the first Japanese company to simultaneously list on
the NYSE and TSE via an IPO and we are very proud to act as
depositary bank on this landmark transaction,” said Vikas Taimni,
J.P. Morgan’s Head of Depositary Receipts Business for Asia Pacific
and Emerging Markets. “J.P. Morgan created the first ADR for a
Japanese company in 1961 and has been servicing ADR issuers in
Japan for over 50 years. Our long-term experience and deep
understanding of the Japanese and U.S. capital markets ensured
flawless execution of the transaction. We now look forward to
working closely with LINE on the continued success of their ADR
program.”
J.P. Morgan pioneered the ADR product almost 90 years ago and is
a leading provider of depositary receipt services for corporate
issuers globally. J.P. Morgan has an unrivalled track record of
innovation and product development in the depositary receipt
industry. Most recently, it created the first Global Depositary
Receipt (“GDR”) program on the Singapore Stock Exchange in 2007 and
the first Hong Kong Depositary Receipt (“HKDR”) program in
2010.
Programs managed by J.P. Morgan raised almost half (or USD 5.2
billion) of the USD 10.8 billion raised via DR offerings globally
in 2015.
J.P. Morgan provides a full range of ADR, GDR and HKDR services
to issuers seeking to have their equity traded beyond their home
markets. For market information on depositary receipts and
international equities, please go to www.adr.com. More
information on J.P. Morgan’s depositary receipt services is also
available on www.jpmorgan.com/visit/adr.
About J.P. Morgan
J.P. Morgan’s Corporate & Investment Bank is a global leader
across banking, markets and investor services. The world’s most
important corporations, governments and institutions entrust us
with their business in more than 100 countries. With $20.4 trillion
of assets under custody and $373.6 billion in deposits, the
Corporate & Investment Bank provides strategic advice, raises
capital, manages risk and extends liquidity in markets around the
world. Further information about J.P. Morgan is available at
www.jpmorgan.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160725006270/en/
J.P. Morgan PR ContactMinako Hattori,
+81367363225minako.hattori@jpmorgan.com
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