Yalla Group prices IPO at $7.50 per ADS

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Yalla Group Ltd. , a social networking and entertainment platform active in the Middle East and North Africa, priced its initial public offering at $7.50 per American Depositary Share on Wednesday, the lower end of its $7 to $9 price range. The company sold 18.6 million shares to raise about $139.5 million. The shares will start trading on the New York Stock Exchange later in the day, under the ticker “YALA.” Morgan Stanley and Haitong International Securities Company Limited were joint bookrunners for the offering, with Tiger Brokers (NZ) Limited acting as co-manager. Proceeds will be used to finance product development, marketing and for general corporate purposes.
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