Line IPO raises $1.1 billion, the biggest in tech in 2016

Around 40% of revenue comes from games, stickers and comics, and Japanese messaging service is seeking to expand with new content

Update: Line Corp. has raised more than $1.1 billion in a dual IPO on the Tokyo and New York Stock Exchanges, making it the biggest tech IPO of 2016 so far.

The mobile messaging company, which earns a significant proportion of its revenue from games, opened on the NYSE at $42 a share, up 33% on its list price, and closed the day's trading at $41.58. In Tokyo, its stock saw an immediate jump from a ¥‎3,300 opening price to ‎¥‎5,500, but closed the day at ¥4,345.‎

In total, 22 million shares were released on the NYSE, and a further 13 million were sold in Tokyo.