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

Singlepoint Inc

SinglePoint Inc is a mobile technology company engaged in mobile payments, mobile giving, and mobile bidding. It operates mobile commerce and communications platform to accept mobile credit card payments.

Private Markets

Quants Inc

Quants, Inc, a California Corporation, develops, markets and operates financial technology platforms and alternative investment products offering sophisticated risk management since 2010. The Company has primarily sharpened its focus with…

Voleo

Voleo is a free download that allows you to form investment clubs with your friends, family, colleagues, classmates, teammates…basically anyone you know and trust. Invest and manage a stock portfolio…