The maker of the LINE messaging app is planning to list its business on the Tokyo Stock Exchange by next summer, according to Nikkei.
South Korea’s Naver Corp would be valued between JPY800 million ($8.23 million) and JPY1 billion if it goes public, the report said. The proceeds are expected to go towards advertising efforts and developing new apps.
It has previously been reported that Naver is considering listing the company on the US stock market.
Akira Morikawa, LINE Corporation CEO, said in August that the company is targeting 300 million users “within 2013”. To achieve this goal, it has been marketing its services globally with joint promotions in Indonesia, Malaysia and Mexico.
The company recently announced it had gained 10 million users in India, just three months after launching. The aim is for LINE to become the top smartphone communications app in India.
LINE is available in 231 countries in 16 languages and reportedly passed the 200 million user mark in July with particularly strong growth in Japan, Thailand, Taiwan, Spain and Indonesia. The business reported a 349 per cent year-on-year increase in revenue for the second quarter.
Tencent’s WeChat has also been linked to an IPO but the company recently denied it has plans to spin off its messaging business.