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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming