At a publicly announced price of 139,500 million US dollars (one hundred thirty-nine million US dollars), the total public offering of the company, assuming that the IPO agents did not exercise their right to buy more shares deposited in the US market.
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet on his official Twitter account: “From Dubai Internet City, Yalla is the first Emirati technology company to be listed on the New York Stock Exchange with a market value of more than Billion dollar”.
He continued in the tweet: “An entertainment audio platform for social communication that will be launched to the world from the UAE .. Our digital economy is growing and will be part of the UAE’s exports to the region and the world.”
It is expected that these shares will start trading on the New York Stock Exchange, Wednesday, under the name “YALA”, while the subscription is likely to stop on October 2, according to the customary closing provisions.
In addition, it is the only Arab company listed on the New York Stock Exchange as “YALA”, and is referred to as “YALA”.
The company and its shareholders gave the underwriting agent an option, which could be implemented within 30 days of the final prospectus of subscription, to grant the underwriting agent the right to purchase an additional value of 2.790 million shares deposited in the US market to cover additional allocations from shares.
The initial public offering is managed by Morgan Stanley and Haitong Global Securities.
During the announcement of the initial public offering, Saifi Ismail, Group Chairman, said that the company is proud to be the first company based in the United Arab Emirates to be listed on the American Stock Exchange.
He pointed out that it is a preliminary step on the path of growth that the company is achieving at various levels, and that choosing Dubai as the main center of the company supports plans to expand digital investment because of its many advantages at all levels.
He emphasized that this choice came after extensive and careful studies by all partners of the reality of the Arab market for digital entertainment.
The head of the group added, “We in the Arab world are facing historical moments that require creating Arab platforms for social communication that are in line with the ethical and ethical structure of Arab societies and provide content that is appropriate and harmonious with these authentic Arab constructions.”
The initial public offering of Burj Khalifa was announced in a grand ceremony held by the company on this occasion and in the presence of a large crowd of leaders, officials and the media.
The head of the group added during the announcement of the initial public offering, that we in the Arab world are facing historical moments that require creating Arab platforms for social communication that are in line with the ethical and ethical structure of Arab societies and provide appropriate and harmonious content with these authentic Arab constructions.
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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