NEW YORK (AP) — 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 percent, 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.