Messaging app maker LINE will finally go ahead with its IPO next month, raising between $2 billion and $3 billion in what could be the biggest IPO of the year, Reuters reported.

LINE will start a management roadshow on 10 June, with orders from institutional investors expected shortly after. The IPO will then be priced, with listings likely in July in both Tokyo and New York.

Back in 2014, LINE’s parent, Naver, hoped an IPO would fetch $18 billion, but by August 2015 it decided to delay plans, waiting for both its earnings and the market to improve.

Reuters quoted Hiroyuki Nakai, chief strategist at Tokai Tokyo Research Center, as saying that LINE’s timing is “bad” and it would have better off “to list when it was growing”.

“They procrastinated and procrastinated, delayed and delayed, and in that time the market has become saturated,” he said.

What’s more, while LINE has become popular outside of Japan in Taiwan and Thailand, it still does not command the same user base as WhatsApp and Facebook Messenger.

It is unclear if Naver will sell its entire stake in the company, or if new shares will be issued.

LINE hired Morgan Stanley, Goldman Sachs, JPMorgan and Nomura to manage the IPO.