Momo targets US$232m from IPO

New York

MOMO Inc, the Chinese application that lets users send text, photos or video to people nearby, is seeking as much as US$232 million in a US initial public offering.

The company is offering 16 million American depositary receipts for US$12.50 to US$14.50 apiece, according to a regulatory filing on Friday. Concurrent with the IPO, the company plans a private placement to existing shareholder Alibaba Group of US$50 million in Class A shares and US$10 million in Class A shares to 58.com, the filing shows. The stock will be listed on the Nasdaq Stock Market under the symbol MOMO.