Naver says no IPO for Line messenger app in 2014

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SEOUL, South Korea (AP) — South Korean Internet company Naver Corp. said Monday 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 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 was profitable and growing rapidly so didn't need to raise money by selling shares.

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

Line had sales of 183.2 billion won ($176 million) in the April-July quarter. The revenue was mainly from its mobile game service and sales of emoticons, known as stickers, which users send in chats.

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