Yalla Group shares slide 3% in trading debut

/ / News

Shares of Yalla Group Ltd. , a social networking and entertainment platform active in the Middle East and North Africa, fell 3% in their trading debut Wednesday, after the deal priced at $7.50 per ADS, 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 are trading on the New York Stock Exchange 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.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.