123% Rise In Returns

Chinese Flirt App Files for $300m IPO

momo

The Chinese messaging and flirt app Momo has filed for a US IPO.

The company filed with the SEC on Friday, looking to raise up to $300m in an initial public offering.

Momo is a location-based messaging and social platform which has 180.3m registered users, 60.2m active monthly users and 25.5m daily users, according to their filing.

The app monetises through a combination of premium subscriptions and selling things like stickers, games and emoticons.

Since they started monetising in July 2013, their revenues have quadrupled to $13.9m in the first half of 2014.

They generated 63% of this revenue from premium subscriptions.

Momo also recently introduced location-based advertising – and in their filing spoke about the marketing potential for location apps like Momo in China.

According to Analysys, mobile marketing in China is expected to grow 69.5% to be worth $18.3bn by 2017.

The messaging app is also backed by Jack Ma’s Alibaba.

Momo is also planning on relaunching an English-speaking version of the app, after shutting their original product down in July.

Read the filing here.