Yalla Is the First UAE-Based Company To List On The NYSE

Yalla aims to raise around $139.5m through the listing of 18.5 million American Depository shares priced at $7.5 each.

Yalla aims to raise around $139.5m through the listing of 18.5 million shares

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The Dubai-headquartered voice-centric social networking and entertainment platform has become the first UAE-based technology company to list on the New York Stock Exchange on Wednesday, September 30.

Yalla aims to raise around $139.5m through the listing of 18.5 million American Depository shares priced at $7.5 each.

The shares have begun trading on the New York Stock Exchange under the symbol “YALA.” The offering is expected to close on October 2, 2020, subject to customary closing conditions, the company said in a statement.

Yalla reportedly has 5.4 million paying customers, and in H1 2020 said that it made a net profit of $25.2m on revenue of $52.8m.

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It said that 12.5 million users visited its platforms each month during the second quarter of this year, and that active users spent about 4.5 hours on it.

“From Dubai Internet City, the social networking platform “Yalla Group” is the first unicorn UAE-based technology company to be listed on the New York Stock Exchange,” tweeted Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

“Our digital economy is growing and will remain an integral part of our exports globally.”

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Sheikh Mohammed recently said that the next priority of the UAE is to increase the contribution of digital economy in the national economy, promote smart infrastructure, and enhance the digital readiness of the UAE government to ensure business continuity regardless of the circumstances.

The digital economy’s contribution to local GDP in 2019 reached 4.3 per cent, with a minister recently appointed to handle this portfolio and double the contribution.

The article is originally published at gulf business

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