Momo Technology, the Chinese social networking website, raised $216 million from its Nasdaq initial public offering on Thursday, shrugging off news that its head faced allegations of misconduct from a former employer.
The company sold 60 million American Depository Receipts at $13.50 per share, in the middle of its targeted $12.50 to $14.50 per unit range, after Yan Tang, Momo’s co-founder, chairman and chief executive officer was singled out in a December 10 stock exchange filing alleging malpractice.
The filing said Tang had received a legal letter from Wangzhiyi Information Technology, a unit of his previous employer NetEase, accusing him of breaching employment terms...
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