Line hunts for M&A with $1.3b IPO war chest, aims to be one-stop shop

Line Corp plans to use part of the $1.3 billion it garnered from last month's initial public offering to bankroll acquisitions of content and technology, transforming its messaging service into a one-stop shop for Asian social media users.

Japan's most popular messaging service is gunning for companies in areas ranging from artificial intelligence chatbots and advertising to video streaming and games, including those with augmented reality features, CEO Takeshi Idezawa said in an interview.

The Tokyo-based company has assembled a dedicated team to scope out and review possible targets across the globe. The idea is to build Line into a "smart portal," supplementing its mainstay features of chatting, stickers and games with commercial services such as food delivery, job searches and travel reservations in main markets.