Yalla Group, which provides a voice-centric social networking and entertainment platform in MENA, raised $140 million by offering 18.6 million ADSs at $7.50, within the range of $7 to $9. Insider Orchid Asia had indicated on $30 million worth of ADSs in the offering. At pricing, the company raised 6% less in proceeds than anticipated.
Yalla Group plans to list on the NYSE under the symbol YALA. Morgan Stanley, Haitong International and Tiger Brokers acted as lead managers on the deal.
