Malaysia's MOL Global to list on NASDAQ with US$300M IPO
Seventy three per cent stake owner Vincent Tan expects the online payments firm to be worth US$3 billion in five years’ timeBy Elaine Huang 15 Jul, 2014
In a move to raise US$300 million and list on the NASDAQ, Malaysia-based online payment system provider MOL Global yesterday filed for its first initial public offering (IPO) with the US Securities and Exchange Commission.
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.
According to Reuters, MOL Global had generated US$54 million in revenue last year, which is a 79.4 per cent increase from 2012. The company seems to be in the pink of health, having generated MYR 18.7 million (US$5.8 million) in profits last year.
Vincent Tan, who owns 73 per cent of MOL Global, told Malaysia Chronicle last month that he expects the firm to be valued at US$3 billion by 2019.