Chinese Social Networking Company Momo Debuts on Nasdaq

NasChina’s mobile social networking platform Momo Inc. has listed its shares Thursday on the NASDAQ global select market. The company announced that its initial public offering of 16 million American depositary shares (ADSs) was priced at 13.5 US dollars per ADS for a total offering size of 216 million dollars. Momo’s shares opened trading at 14.25 dollars a share under the ticker symbol ‘MOMO’. Morgan Stanley, Credit Suisse, J.P. Morgan, and China Renaissance Securities are acting as joint bookrunners for the offering. The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to 2.4 million additional ADSs at the price of 13.5 dollars.

Momo is a location-based social media application that lets users connect with people nearby and interact with groups and events locally. Since its founding in 2011, Momo has become one of China’s leading mobile social networking platforms.By listing with Nasdaq, Momo joins many of the world’s largest and most revolutionary technology companies. Momo is the tenth Chinese company to list on Nasdaq in 2014, bringing the exchange’s current total of listed companies from China to 113. Nasdaq has also been the exchange of choice to over 70 percent of technology companies listed in the U.S. markets.

Source: China Radio International and NASDAQ