Mobile messaging service provider Line Corp. will likely make its debut on the Tokyo Stock Exchange in July, with the bourse set to soon approve the listing, sources said Wednesday.

Line is expected to have a market capitalization of around ¥600 billion when it debuts, probably on the First Section of the stock exchange, making it the largest initial public offering this year, according to the sources.

The Japanese subsidiary of South Korean Internet giant Naver Corp. is also seeking to have its shares listed in the United States at around the same time to boost its global recognition.

In recent years, Line has morphed into one of the most well-known social media apps, with around 218.4 million users globally at the end of March.

Line generated ¥120.7 billion ($1.1 billion) in group sales in 2015, up 40 percent from a year earlier. Since around 2014, the company has been planning to go public in Japan and the U.S.

Still, Line has seen slower growth in the number of users in Japan after boosting its market share rapidly with the spread of smartphones.

The company is now seeking to diversify its business portfolios by offering video and music distribution services, and is focusing on expanding to Southeast Asia.

Earlier this year, it came to light that a local bureau of the Finance Ministry was investigating Line to see if an item sold in its game service is being used as virtual currency, which require security deposits under law. The news had raised concerns that the company's stock listing could be delayed.