* World's biggest listing this year set to raise $2-3 billion - sources
* Tokyo-New York dual listing expected for July - sources
* Investors cast doubt on IPO timing, Line's growth prospects
By Thomas Wilson and Emi Emoto
TOKYO, June 1 (Reuters) - Emojis of a cuddly brown bear and his flatulent rabbit girlfriend Cony are met with investor scepticism as the company behind Line, the popular Japanese messaging app, prepares to kick off what's touted to be the world's biggest IPO this year.
Line Corp will likely raise between $2 billion and $3 billion in a dual Tokyo-New York listing set for July, two people familiar with the matter told Reuters on Wednesday.
But the Tokyo-headquartered company has missed a trick by delaying the IPO until now, said some fund managers, pointing to Line's diminishing growth prospects in a Japanese market crowded with messaging platforms.
In 2014, South Korea's Naver Corp, Line's parent, said a dual initial public offering would raise up to 2 trillion yen ($18 billion), predicting it would give Line worldwide recognition and improve its access to venture capital. But Line put that plan on ice last August, with its CEO saying the company would wait until its earnings and market conditions improve.
"Line itself is already a pretty big company," said Mitsushige Akino, executive officer at Ichiyoshi Asset Management, which manages assets worth 140 billion yen ($1.3 billion). "Depending on its future strategy, it's hard to anticipate the fast pace of growth that it's had until now."
Asked about the timing of the IPO, Tokyo-based Line spokeswoman Icho Saito said the information was from third-party sources and she was therefore unable to comment. The company had not yet made any official announcements, she added.
A Naver spokesperson declined to comment, as IPO details were not finalised.
With 68 million users, Line's eponymous free-of-charge messaging app is the most popular in Japan. The company makes money from selling electronic stickers, or emojis, as well as tokens for use in in-app games. It also charges for services like music streaming.
But in a domestic market beset by weak growth and a shrinking population, Line has hunted overseas for new markets. Despite establishing itself as the top messaging app by number of users in Taiwan and Thailand, Line has been unable to break into the global premier league of messaging apps dominated by the likes of WhatsApp and Facebook Messenger.
SHOW ON THE ROAD
Line will launch a management roadshow for its IPO on June 10, with orders from institutional investors expected in the week of June 13, a person involved in the deal said. The IPO is set to be priced either the same week or early the following week, a separate person briefed on the matter said.