Deals
Alibaba-Backed Chinese Chat App Momo Surges in U.S. Debut
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Momo Inc., a Chinese social media application backed by Alibaba Group Holding Ltd., surged 26 percent on its first day of trading in New York after raising $216 million.
The shares jumped to $17.02 on Dec. 11 in New York after they were sold for $13.50, the middle of the price range. Concurrently to the initial public offering, Momo plans a private placement to shareholder Alibaba of $50 million and $10 million to classified advertising website 58.com Inc., its prospectus shows. The Bloomberg index of the most-traded Chinese stocks in the U.S. gained 0.5 percent, ending three days of declines.