Alibaba-backed Chinese social media firm Momo Inc.’s initial public offering was an impressive one. Trading with the ticker MOMO, shares of the company surged 26% to $17.02. The IPO was priced at $13.50.
Launched in 2011 by Tang Yan, Momo is a mobile instant messaging app that lets users post their pictures and profiles. In Chinese, Momo means unacquainted and it is sometimes referred to as China’s Tinder. Tinder is a popular U.S. dating app that allows users go through pictures of people in their area.
Momo is basically SnapChat, Match.com and Facebook brewed together. It informs users about others with “common interests” nearby. Users also meet in groups and on message boards. This is not all, Momo offers games as well.
The app is free. But users can upgrade to get “VIP logos,” advanced search and the right to follow more users for $18 a year.
According to the IPO filing, the app had 180.3 million registered accounts, 60.2 million monthly active users (MAU) and 2.3 million paying subscribers at the end of September.