The Dubai-based Yalla Group Ltd. announced today that it has been listed on the New York Stock Exchange for the first time in the Middle East and North Africa with a value of 18,600,000 shares deposited in the American market, with an individual value of $ 7.50 per share of the common stock of the first-class company, and at an announced price of $ 139.5 million in total. The company’s IPO, assuming that the underwriting agents do not exercise their right to purchase more shares deposited in the US market.
It is expected to start trading these shares on the New York Stock Exchange today under the name (YALA), while the subscription is expected to stop on the second of October in accordance with the closing provisions recognized in the American Stock Exchange.
In addition to being the only Arab company listed on the New York Stock Exchange as (YALA), and referred to by the symbol “Yalla”, the company and its shareholders have given an option to the IPO, which can be applied within thirty days of the final prospectus of subscription. The US market is valued at 2,790,000 to cover the additional allocations of stocks.
The initial public offering is managed by Morgan Stanley and Haitong Global Securities.
During the announcement of the IPO in Dubai today, Saifi Ismail, Group Chairman, said that the company is proud to be the first company to be based in the UAE to be listed on the American Stock Exchange, pointing out that it is an initial step on the path of growth that the company achieves at various levels.
And Ismail added that the main catalyst for the company’s operations was mainly sympathetic to the progress and digital leadership that the UAE enjoys in the region and the world, pointing out that choosing Dubai as a main center for the company supports plans to expand digital investment due to its many advantages at all levels, stressing that this The choice came after extensive and careful studies by all partners of the reality of the Arab market for digital entertainment.
During the announcement of the initial public offering, which came from Burj Khalifa, in a large ceremony held by the company to celebrate this occasion and in the presence of a large crowd of leaders, officials and the media, the group president added, during the announcement of the initial public offering, which came from the Burj Khalifa. And ethical content for Arab societies and provide content appropriate and harmonious with these original Arab constructions.
The statement related to these shares was also registered with the US Securities and Exchange Commission, which in turn approved the validity of the statement, while Yalla stated that the news of their listing on the American Stock Exchange does not represent an offer to sell shares, or a request to buy them, and the sale of these shares in any state or judicial authority Contradictory to the law, except if it is done according to the registration and fulfillment of the laws governing the shares of that state or judicial authority.
The Yalla Group is considered a leading platform providing voice chat, social and entertainment applications in the Middle East and North Africa.
The company is known for its “Yalla” mobile application, which is one of its most prominent projects, as the application was designed to suit the local cultures in the region. The Yalla mobile app offers traditional online boards and features voice chat rooms where people can spend their spare time chatting with each other.
In contrast to video chats, users of this application in the Middle East and North Africa enjoy communicating with each other through live voice chat, which is compatible with their social customs and traditions.
In order to avoid negative content consumption, users accept this application in recognition of their active participation in the social and entertainment activities provided by the application. The “Yalla” application is characterized by providing an integrated experience that takes into account the smallest details, in addition to the locally designed user interface to suit the expectations and needs of users.
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