Online payment company MOL Global (MOLG) today became the first Malaysian company ever to list in the US. However, it only managed to raise an underwhelming US$169 million in its initial public offering on NASDAQ, far below the $300 million that it had initially targeted .
This poor showing might be the result of unstable market conditions, according to Finance Asia. MOL Global had priced its shares at $12.50 apiece, and while its shares opened at $10.75, it ended the day at a paltry $8.14.
According to MOL Global’s prospectus, it has plans to launch MOLWallet, an online and mobile payment processing and money transfer system that seems rather similar to Alibaba’s AliPay, in Malaysia later this year.
The company is currently the largest epayment enabler for online goods and services in Southeast Asia by payment volume, according to a Frost & Sullivan report. Its existing products include online payments platform MOLPay, as well as micropayments platform MOLPoints.
Tech in Asia has reached out to MOL Global for comment, and will update this article as soon as we hear from them.
See: MOL, majority-owned by Malaysian billionaire, files for US IPO to raise $300M
Editing by Josh Horwitz and Terence Lee
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