Yalla Group Limited (YALA) intends to raise $149 million in an IPO of its American Depositary Shares [ADSs] representing underlying Class A shares, according to an F-1 registration statement.
Dubai, United Arab Emirates-based Yalla was founded to develop an online community service focused on the Middle East and North Africa [MENA] region that is built on voice communication rather than just written texting.
Management is headed by founder, Chairman and CEO Mr. Tao Yang, who was previously manager of ZICT Technology Co and vice president of Beijing Feinno Communication Technology.
The company’s primary offerings include:
Yalla has received at least $26.9 million from investors including YooYoo Limited, Orchid Asia, WindBell Limited, and SIG Global China Fund.
The firm provides its app through major mobile platform operators such as Apple and Google.
Management believes there is a ‘significant imbalance between the supply