Line Corp., operator of Japan's most popular mobile messaging service, has submitted an application for an initial public offering to the Tokyo Stock Exchange, sources said.
Line, controlled by South Korea's Naver Corp., plans to appoint Nomura Holdings Inc. as lead underwriter for the share sale, according to the sources.
The offering could value Tokyo-based Line at more than ¥1 trillion, they said, asking not to be identified as the deliberations are private.