Alibaba-Backed Momo Seeks Up to $232 Million in IPO of Chat App
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Momo Inc., the Chinese application that lets users send text, photos or video to people nearby, is seeking as much as $232 million in a U.S. initial public offering.
The company is offering 16 million American depositary receipts for $12.50 to $14.50 apiece, according to a regulatory filing today. Concurrent with the IPO, the company plans a private placement to existing shareholder Alibaba Group Holding Ltd. of $50 million in Class A shares and $10 million in Class A shares to 58.com Inc., the filing shows. The stock will be listed on the Nasdaq Stock Market under the symbol MOMO.