Yalla Group becomes first UAE-based technology unicorn to list on NYSE

Yalla Group becomes first UAE-based technology unicorn to list on NYSE

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.

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