Naver says no IPO for Line messenger app in 2014

Staff Writer
Columbus CEO

SEOUL, South Korea (AP) — South Korean Internet company Naver Corp. says its popular Line instant messaging app won't go public on a stock exchange this year.

Naver, which is Line's parent company, said in a regulatory filing Monday that Line Corp. had ruled out going public in 2014.

The filing did not say whether Line will seek an IPO next year.

In July, Naver said Line had submitted an IPO application to the Tokyo Stock Exchange and was also considering listing its shares in New York.

Naver spokesman Nam Jiwoong said Line executives believed 2014 was not an ideal time for an IPO.

He said Line is profitable and growing rapidly so doesn't need to raise money by selling shares.

Line had 490 million users as of the end of July.