Shares of Moko Social Media move higher after US IPO prices at $8.3M

Canadian Press DataFile |

NEW YORK, N.Y. - Shares of Moko Social Media rose Friday after the Australian company's U.S. initial public offering priced at $8.3 million.

The IPO of 1.1 million American Depositary Shares priced at $7.50 each. That was below the company's expectations.



The stock gained 10 cents, or 1.3 per cent, to $7.60 in midday trading. It is trading on the Nasdaq Global Market under the ticker symbol "MOKO."

Moko Social Media Ltd. runs a U.S. social media mobile ad network and an Australian flash sale site for limited-time sales. The company plans to use the proceeds of its IPO to hire new technology staff in Australia and sales and marketing workers in the U.S., and it will buy servers and other IT infrastructure.

The underwriters of the offering will have an option to buy another 165,000 U.S. shares.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
UBGDF UBGDF 42.00 0.00 0.00 0

Comments

Emerging Growth

Pressure Biosciences Inc

Pressure BioSciences Inc is a biological life sciences research company. It is engaged in the development and commercialization of a platform technology called pressure cycling technology.

Private Markets

iPRO Network, LLC

We provide the platform, tools, and resources to empower individuals and professionals to market desirable goods and services to the public, taking the place of traditional methods of commerce.

The Green Organic Dutchman

The Green Organic Dutchman Ltd. ("TGOD") produces farm grown, organic cannabis for medical use. The company grows its high quality organic cannabis in small batches using craft growing, all natural…