line corp

The largest initial public offering (IPO) in the tech sector this year is off to a solid start.

Shares of Line, a Japanese mobile-messaging app, jumped 30% in their debut on Thursday. The stock opened at $42 a share and had been priced at $32.84.

Line is putting up 22 million shares in New York, and 13 million shares on the Tokyo stock exchange.

The company was expected to raise more than $1 billion in its debut.

It's been a relatively slow year for IPOs, and Line is only the fifth tech company to go public in 2016. The market sell-off at the start of the year put many companies off the public markets.

The stock is trading on the New York Stock Exchange with the ticker "LN."

Line launched in Japan in 2011 and had more than 200 million monthly active users in March, with a strong presence in Asia, the company said. It competes with Facebook Messenger and WhatsApp and is used in 230 countries.

It earned $1.07 billion in revenues last year, primarily by selling messaging stickers, games, and ads.

SEE ALSO: Stocks are at all-time highs

Join the conversation about this story »

NOW WATCH: How to use WhatsApp on your computer