Yalla Group, which provides a voice-centric social networking and entertainment platform in MENA, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
Yalla is the largest voice-centric social networking and entertainment platform in the Middle East and North Africa region (MENA) by 2019 revenue. The company's platform had approximately 12.5 million monthly user visits and 5.4 million paying users in the 2Q20.
The Dubai, UAE-based company was founded in 2016 and booked $90 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol YALA. Yalla Group filed confidentially on April 15, 2020. Morgan Stanley, Haitong International, and Tiger Brokers are the joint bookrunners on the deal. No pricing terms were disclosed.
