Thursday 1 October 2020
UAE-based Yalla Group Limited, a leading voice-centric social networking and entertainment platform in the Middle East and North Africa (MENA), has announced the pricing of its initial public offering (IPO) of 18,600,000 American depositary shares (ADS), each representing one Class A ordinary share of the Company, at a price to the public of USD 7.50 per ADS for a total offering size of approximately USD 139.5 million, assuming the underwriters do not exercise their option to purchase additional ADS.
The ADSs begin trading on the New York Stock Exchange under the symbol "YALA".
Morgan Stanley & Co. LLC and Haitong International Securities Company Limited are acting as joint bookrunners for the offering. Tiger Brokers (NZ) Limited is acting as co-manager for the offering.
A registration statement related to these securities has been filed with, and declared effective by, the United States Securities and Exchange Commission.
The Company's flagship mobile application, Yalla, is specifically tailored for the people and local cultures of the region and primarily features Yalla rooms, a mirrored online version of the majlis or cafés where people spend their leisure time in casual chats.
Voice chats are more suitable to the cultural norms in MENA compared to video chats.
The Company also operates Yalla Ludo, a mobile application featuring online versions of board games that are highly popular in MENA, such as Ludo and Domino. In-game real-time chats and Ludo chat room functions are popular social networking features among users.