The Malaysia-based online payment company MOL has just finished wrapping up its IPO on the Nasdaq stock exchange, raising US$169 million in the initial round of offering with the price of each share being US$12.50, the bottom of the initial US$12.50 to US$14.50 price range.
This is much less than what the company anticipated. It initially announced that it expected a nearly US$300 million IPO.
MOL is the first Asian company to launch on the Nasdaq after the legendary Alibaba IPO last week, and is also the first Malaysian company listed on the US stock exchange over the last ten years.
The primary shareholder of MOL is Tan Sri Vincent Tan, a Malaysian billionaire and owner of 7-11 Malaysia which went through an IPO earlier in the year that raised US$227 million.
MOL, also known as Money Online, is currently the largest online payment service in Southeast Asia by volume of transactions and the company states that its physical distribution network comprises more than 970,000 locations in 13 countries across four continents.
Some of the services MOL currently offers are as follows:
- MOLPoints, an online micropayment system which sells payment credits that can be used to purchase online game credits and digital content
- MOLReloads, a distribution network that distributes prepaid mobile airtime and digital content
- MOLPay, a payments solution for online merchants
- MMOG.asia, an online games portal
According to the company’s report given to the Securities and Exchange commision, MOL wants to launch MOLPay in Indonesia by the end of 2014.
The IPO consisted of 13.5 million American Depositary shares, less than the 19.5 million originally planned. (Reuters)