MOL Global prices US IPO at bottom

The online payment company owned by Vincent Tan is the first Malaysian company to list in the US, raising $169m, although this was less than hoped.

Online payment company MOL Global raised $169 million in a Nasdaq initial public offering after pricing its shares at the low end of the range, becoming the first Malaysian company to list in the US.

Market weakness dampened sentiment ahead of the company’s listing and led to a revision of the initial terms, bankers close to the deal tell FinanceAsia.

After hitting a 2014 high of 4,598 on September 2, the Nasdaq has since retreated 5% as of October 9. The New York Stock Exchange and SP 500 have also experienced similar declines in the same time period, dropping 5% and 3%, respectively....

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