J.P. Morgan Named Depositary Bank by LINE Corp.

In the year’s biggest tech IPO with a dual listing on NYSE and TSE

Jul 25, 2016

Press Release

Tokyo/Hong Kong – 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.

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.


JPMorgan Chase & Co.

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