Online payment company MOL Global today became the first Malaysian company ever to list in the U.S. However, its performance was poor on day 1 – why?

Online payment company MOL Global (MOLG) today became the first Malaysian company ever to list in the U.S. However, it only managed to raise an underwhelming $169M in its initial public offering on NASDAQ, far below the $300M 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 e-payment 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.

This post was originally published on Tech in Asia