Line is aiming to raise about $3bn in a dual Tokyo-New York listing, as the Japanese messaging app looks to arm itself with cash to challenge WhatsApp and WeChat. The initial public offering set for July will come after two abandoned attempts, said people involved in the plans. During that period, the market for technology IPOs in the US has waned while the Abenomics-driven share rise in Japan has fizzed out. Line was launched in 2011 after the March 11 earthquake and tsunami, when telephone services in Japan were disrupted. Since then, the company owned by Naver, South Korea's biggest internet portal operator, has built on its dominance in its home market to pursue growth in other parts of Asia.

Takeshi Idezawa, Chief Operating Officer of Line Corp. Junko Kimura-Matsumoto | Bloomberg | Getty Images

In addition to instant messaging and free calls, Line's 215m monthly active users can also make payments, order pizzas, play games and search for jobs. But the company has long struggled to make headway against bigger rivals such as Facebook-owned WhatsApp in the US and Europe. In recent years it has quietly put aside its goal to become the world's number one internet company with Takeshi Idezawa, chief executive, saying Line will focus on Asia. Two-thirds of Line's active users come from Japan, Taiwan, Thailand and Indonesia, where the popularity of cutesy emoticons or digital stickers, which also feature Line's own characters, and mobile games has driven growth. The IPO also comes amid market concerns that Line's rapid growth may be slowing.

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