Times of Oman
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Weibo valued at $3.46 billion after bottom-end IPO pricing
April 17, 2014 , 3 : 04 pm GST
SAVE THIS ARTICLE
A man walks past the office entrance of Sina Weibo, widely known as China's version of Twitter, in Beijing on April 16. Photo - AFP
China's Weibo Corp will be valued at a lower-than-expected $3.46 billion when it goes public on the Nasdaq on Thursday, amidst concerns about the microblogging service's slowing user growth and the country's highly censored media environment.
The Twitter-like microblogging service, owned by web portal Sina Corp, sold 16.8 million American Depositary Shares (ADSs) for $17 apiece, raising $285.6 million, an underwriter told Reuters.
The company had planned to sell 20 million ADSs at between $17 and $19 per share.
Weibo will add to the list of Chinese companies flocking to the U.S. IPO market in their biggest numbers since 2010, drawn by soaring valuations for tech start-ups.
Chinese e-commerce giant Alibaba Group, which invested $586 million for an 18 percent stake in Weibo, is expected to file for a widely anticipated share sale as early as Monday, according to sources.
Alibaba rival JD.com filed for a $1.5 billion U.S. listing in January.
Since its launch in 2009, Weibo has become the country's water cooler, a place where nearly 600 million Internet users opine on everything from Korean soap operas to China's latest political intrigue.
Weibo had 143.8 million monthly active users in March.
The company's revenue almost tripled to $188.3 million in 2013 from a year earlier, while net loss narrowed to $38.1 million from $102.5 million.
Weibo's shares are expected to begin trading under the symbol "WB" on the Nasdaq on Thursday.
Goldman Sachs (Asia) LLC and Credit Suisse were the lead underwriters to the offering.
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
Microsoft delays launch of its Xbox One console in China
Indie game developers sprouting at Tokyo Game Show
Amazon unveils new Fire tablets and Kindle e-readers
Apple rolls out iOS 8 to iPhone users; bug delays HealthKit availability
Early reviews heap praise on big-screen iPhone 6
TOP RATED ARTICLES
Drowning incident in Saham still haunts family, survivor
FAHAD AL MUKRASHI
Science Café set to talk food choices of new generation in Oman
Times News Service
Single red light violation can land you in jail, says Royal Oman Plice official
Fahad Al Ghadani
Dr Sheikha, Oman's State Council member among Forbes’ 200 Powerful Arab Women
Times News Service
All in the name of love
More in News
It's Different! Discovering pop legend Michael Jackson's popularity in rural India
Bucharest 'khans' reborn after decades of neglect
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
Tips for writing a good article
More in Features
Oman’s conclusive reality — towards regression or triumph?
Being introvert isn’t a flaw of character
Of crime, bias and statistics
The forgotten soldiers of the Great War
Barack Obama’s ‘messy’ words
More in Columns
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial