The Yalla Group Ltd. listed in Dubai on the New York Stock Exchange
Mohammed bin Rashid: Our digital economy is growing and it will be part of the UAE's exports to the region and the world
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, said in a tweet on Twitter: “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. From one billion dollars, an entertainment audio platform for social communication will be launched to the world from the UAE. ”His Highness added,“ Our digital economy is growing, and it will be part of the UAE's exports to the region and the world. ”
In addition, the Yalla Group Ltd. announced yesterday 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 18.6 million shares deposited in the US market, with a single value of $ 7.5 per share of the ordinary shares of the first-class company, at an advertised price. The public $ 139.5 million, the total IPO of the company, assuming that the underwriting agents did not exercise their right to buy more shares deposited in the US market.
And trading of these shares began on the New York Stock Exchange, yesterday, under the name "YALA", while the subscription is likely to stop on the second of October, according to the customary closing provisions.
In addition to being the only Arab company listed on the New York Stock Exchange under the name "YALA", and referred to by the symbol "Yalla", the company and its shareholders gave an option to the IPO, which can be implemented within 30 days of the final prospectus of the subscription, according to which the underwriting agent is given the right to purchase additional value from the deposited shares. In the US market, its value is 2,790,000 to cover the additional allocations of shares.
The initial public offering is managed by Morgan Stanley & Co.
LLC ”and“ Haitong International Securities Company Limited. ”During the announcement of the IPO, the group’s president, Saifi Ismail, said,“ The company is proud to be the first company based in the United Arab Emirates to be listed on the American Stock Exchange. ” It is an initial step on the path of growth that the company achieves at various levels, pointing out that choosing Dubai as a main center for the company supports plans to expand digital investment because of its many advantages at all levels, stressing that this choice came after extensive and careful studies by all partners of the reality The Arab Market for Digital Entertainment.
He added, "We in the Arab world are facing historical moments that require the creation of Arab platforms for social communication that are in line with the ethical and ethical structure of Arab societies, and provide content appropriate and consistent with these authentic Arab constructions."
The initial public offering of Burj Khalifa was announced at a large ceremony held by the company on this occasion, in the presence of a large crowd of leaders, officials and the media.
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