Alibaba-backed Momo raises $216m in IPO

Chinese social networking company priced its shares in the middle of its indicative range, despite allegations of misconduct against its CEO.

Alibaba-backed Momo raises $216m in IPO

Momo Technology, the Chinese social networking website, raised $216 million from its Nasdaq initial public offering on Thursday, shrugging off news that its head faced allegations of misconduct from a former employer.

The company sold 60 million American Depository Receipts at $13.50 per share, in the middle of its targeted $12.50 to $14.50 per unit range, after Yan Tang, Momo’s co-founder, chairman and chief executive officer was singled out in a December 10 stock...

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