NEW YORK: MOL Global Inc, a leading Malaysian-based e-payment enabler for online goods and services, announced the pricing of its initial public offering of 13,500,000 American depositary shares (ADSs), and began trading on the NASDAQ Global Market today.
The ADSs, consisting of 7,485,030 ADSs, was offered by the company and 6,014,970 ADSs was offered by certain selling shareholders of the company to the public at US$12.50 per ADS.
MOL founder and chief executive officer (CEO) Ganesh Kumar Bangah said each ADS represented one ordinary share of the company under the symbol "MOLG."
"The offering is expected to close on or about October 15, subject to the satisfaction of customary closing conditions.
"MOL.com Sdn Bhd has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 2,025,000 ADSs at the initial public offering price to cover over-allotments, if any," he said at a press conference after the listing here today.
Billionaire, Tan Sri Vincent Tan, who was present at the listing and owns 73 per cent of MOL Global, expected the firm to be valued at US$3 billion by 2019.
Ganesh added the total offering size before any over-allotment will be approximately US$168.8 million, of which the offering gross proceeds to the company will be approximately US$93.6 million.
The company would not receive any proceeds from the sale of the ADSs by the selling shareholders.
"Citigroup Global Markets Inc, Deutsche Bank Securities Inc and UBS Securities LLC are serving as joint book runners and, CIMB Securities (Singapore) Pte Ltd is serving as co-managing underwriter for the offering," he added.
Founded in 2000, MOL Global, which is better known as Money Online, allows users to purchase digital goods with an in-house online currency known as MOLPoints.
The firm previously acquired social networking website, Friendster, and transformed it into a social gaming platform.
MOL's registration statement relating to its first initial public offering has been filed with, and declared effective by, the United States Securities and Exchange Commission, last August.
Commenced on the Nasdaq Stock Market, a leading provider of trading, exchange technology, information and public company services across six continents.
It is also a creator of the world’s first electronic stock market, which means MOL will be in NASDAQ’s technology that powers more than 70 marketplaces in 50 countries.
Nasdaq is also one of ten of the world's securities trading exchange and home to more than 3,400 listed companies with a market value of over US$8.5 trillion and has more than 10,000 corporate clients.
MOL's primary product is MOLPoints, an online micropayment system which sells payment credits that can be used to purchase online game credits and digital content.
The company also operates MOLReloads, a distribution network that distributes prepaid mobile airtime and digital content; MOLPay, a payments solution for online merchants; and MMOG.asia, an online games portal.
Its physical distribution network comprises more than 970,000 locations in 13 countries across four continents.
The company also has mobile payment channels, electronic distribution channels that accept major credit cards and online banking from more than 100 banks.
Ganesh added the company was also present in India and Australia and was now focusing in the US, Brazil, Turkey and Africa.
Meanwhile, Nasdaq’s Senior Vice-President for Corporate Client Group Nelson Griggs said:"MOL Global continues to expand its footprint of payments services throughout Asia and other emerging markets.
He said MOL Global has joined many of the world's largest and most revolutionary technology companies which has been the exchange of choice to over 70 per cent of technology companies listed in US markets.-- Bernama