Momo prices shares at $13.50 for today’s IPO, set to raise $216 million

(Update on December 12: Momo debuted at a little over $13.50 and closed Thursday’s trading well up at $17.02 per share. As a result, its market cap now stands at US$3.17 billion.)

Momo, the popular dating app turned social network from China, lists on the US markets in a few hours’ time.

Ahead of that, Momo has confirmed that it has set the share price at $13.50, meaning that its NASDAQ debut with 16 million shares will net it US$216 million.

That’s less than the US$300 million ballpark figure that the startup kicked around last month.

According to its prospectus, Momo now boasts 60.2 million monthly active users, 25.5 million of them using the app on a daily basis. That’s up 113 percent and 141 percent from the same time last year, respectively, making it the third-biggest mobile social app in China after WeChat and QQ Mobile. It hasn’t yet made a profit.

However, Momo enters its IPO with two legal challenges hanging over it.

We’ll be watching the IPO later today.

See: Beyond a billion: here are China’s 15 most valuable startups