Momo, a Chinese location-based meeting and messaging app with 60 million monthly active users, raised $216 million by offering 16 million ADSs at $13.50, the midpoint of the $12.50-$14.50 range. At its offer price, Momo commands a fully diluted market cap of $2.7 billion and an enterprise value of $2.3 billion. Alibaba and 58.com are investing $50 million and $10 million in a concurrent private placement, respectively. Alibaba has also indicated an interest in purchasing $10 million of the offering (5% of the deal size). Momo will list on the NASDAQ under the symbol MOMO. Morgan Stanley, Credit Suisse, J.P. Morgan and China Renaissance acted as lead managers on the deal.
