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Momo Files For $300 Mln IPO

Beijing-based Momo Inc., a mobile-based social networking platform, had filed with the U.S. Securities and Exchange Commission for an initial public offering of up to $300 million shares of American depositary shares, or ADSs.

The dating and chat app-maker intends to apply to list its ADSs on the NASDAQ Global Market under the symbol "MOMO". The company plans to use the net proceeds from this offering primarily for general corporate purposes.

Momo had 180.3 million registered users as of September 30, 2014, representing an increase of 160.8 percent from September 30, 2013. The company's monthly active users, or MAUs, reached 60.2 million in September 2014, representing an increase of 112.8 percent from September 2013 and average daily active users, or DAUs, reached 25.5 million in September 2014, representing an increase of 140.6 percent from September 2013.

For the year ended December, 2013, the company's net loss attributable to ordinary shareholders totaled $17.45 million and net revenues amounted $3.13 million.

According to the prospectus, the company's majority shareholdeers inlude Yan Tang, the company's co-founder, chairman and chief executive officer, and Alibaba Group Holding Limited's (BABA) subsidiary.

by RTTNews Staff Writer

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