Chinese chat app Momo's shares rise 15 pct in U.S. debut
Dec 11 - Shares of Momo Inc , a Beijing-based mobile chat app firm backed by Chinese e-commerce giant Alibaba Group Holding Ltd , rose as much as 15 percent in their U.S. trading debut, valuing the company at nearly $3 billion.
The stock touched a high of $15.49 shortly after trading in its shares started on the Nasdaq on Thursday.
The company raised $216 million from its initial public offering of 16 million American depositary shares.
The offering was priced at $13.50 per share, the midpoint of the expected range of $12.50-$14.50.