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UAE's Yalla Group announces listing on New York Stock Exchange

UAE's Yalla Group announces listing on New York Stock Exchange
The offering is expected to close on 2 October

UAE - Mubasher: Dubai Internet City-based Yalla Group, a social networking platform, has been listed on the New York Stock Exchange, marking the first unicorn UAE-based technology company to be listed on the international exchange.

The group's initial public offering (IPO) of 18.6 million American depositary shares is valued at $7.50 per ADS to raise around $139.5 million, according to a recent press release.

Each share represents one Class A ordinary share of the group.

The offering is expected to close on 2 October 2020, subject to customary closing conditions.

In addition, the group has granted the underwriters an option to purchase up to an aggregate of 2.79 million additional ADSs at the IPO to cover over-allotments.