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  • 07.14.16

In the year’s largest tech IPO, Line starts trading at $42 a share [UPDATE]

Popular Japanese messaging app Line just made its debut on the New York Stock Exchange, opening at $42 per share and offering up 22 million shares, according to CNBC. Line will also open trading in Tokyo tomorrow, making available an additional 13 million shares.

This marks the year’s biggest tech IPO, though it’s worth noting that Line is only the fifth tech company to go public in 2016. 

UPDATE, 10:30am: Shares of the company jumped more than 30% this morning, valuing it at more than $9 billion. Since Line offers free calls and messaging, most of its revenue comes from games (which have been downloaded 628 million times), digital stickers, and ads.

Read Fast Company editor Harry McCracken’s deep dive on Line from 2015PM