Naver says Line messenger app is considering IPO either in Tokyo or New York

Markets Associated Press

Naver Corp. says its subsidiary Line Corp. that operates a popular mobile messaging app is considering listing its shares in Tokyo or New York.

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Naver, South Korea's largest Internet company, said Wednesday that Line messaging app could sell shares in an initial public offering in both Japan and the U.S.

It confirmed earlier media reports that Line has submitted an IPO application to Tokyo Stock Exchange. But Naver said the IPO decision is not final.

The move highlights the growth of Asian mobile messaging apps. As of last month, Line had more than 450 million users. It has tens of millions of users in Japan, Thailand, Indonesia and Spain.

Internet giants such as Facebook and Rakuten have snapped up messenger apps to expand in the mobile market.