Naver Corp., the company behind the much beloved LINE messaging app has decided to hold off an IPO valued at nearly $10 billion USD as it seeks to further expand the business.
This news comes straight from Naver’s chief financial officer Hwang In-joon, who also said Naver is open to strategic alliances or investments for Line such as the rumored one from Softbank, but there were no discussions ongoing.
“we ultimately decided that it’s better to further build up the business”
“Market conditions on their own don’t look bad, but the real question is whether now is the right time for us to step forward,” In-joon told Reuters. “And we ultimately decided that it’s better to further build up the business than what it is this year.”
Still, the executive was quick to point out that preparations for a Line IPO will continue, though no time frame was given beyond sometime next year.
LINE recently experienced a large growth quarter and it’s likely the next quarter will be just as successful as the company continues to add users, add content in the form of stickers and games, and pursue more broad opportunities for expansion in other markets, including the United States.
LINE is currently available for most major mobile platforms.