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Line Corp. rose in its U.S. trading debut after the Japanese messaging company raised more than $1 billion in the biggest technology initial public offering of the year.

Shares rose to $40.80 as of 11:41 a.m. in New York, after climbing to as much as $44.49 in earlier trading. That values the company at about $8.6 billion. The stock was sold to investors in the IPO for $32.84 apiece.

Line, owned by South Korea’s Naver, raised $1.3 billion after pricing its offering at the high end of an increased range. The company, which is listing shares in Japan and the U.S., will start trading in Tokyo on Friday. Line sold 35 million shares and said it will fully exercise a greenshoe option to sell an additional 5.25 million shares.

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