Message received. Wall Street still has an appetite for big tech IPOs.
Line, operator of a messaging app popular in several Asian countries, soared in its debut on the New York Stock Exchange on Thursday morning after completing the largest public offering of any tech company this year.
Line, trading under the ticker symbol "LN," opened at $42. The stock dipped slightly in later hours, but ended the first day of trading at $41.58, up 27% from its IPO price -- with a market value of about $8 billion.
The debut performance was evidence of strong investor demand despite lingering concerns over user growth and Line's ability to compete against apps from Facebook and WeChat.
The company raised $1.3 billion from selling shares on the stock market in New York and in Tokyo, which followed its U.S. success with a 50% pop at the open, before settling up 32% at market close.
Executives rang the opening bell while standing next to a life-sized frowning brown bear and winking rabbit, paying homage to two of the many virtual stickers that drive more than $250 million a year in sales for the company.
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