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
China clears way for Apple iPhone 6 sales: regulator
Your mobile in your pocket, but you don’t call the shots
Whistleblower phone app seeks to outsmart corruption
Now, writers tell stories at Wattpad as readers go mobile and social
Apple’s IPhone 6 proves tough to bend in lab test
TOP RATED ARTICLES
Hamad is Oman Air’s new country manager
Times News Service
Oman crime: Masked men stab Omani on road
FAHAD AL MUKRASHI
Oman to host summit for offshore industry experts
Times News Service
Take Away Art Project : French organisation hopes to unite Omani, French artists
New social network gets viral surge
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
The world must wage an intellectual war to defeat Isis
There isn’t any moderate opposition in Syria now
The cost of destroying Isis will be enormous
Oman’s conclusive reality — towards regression or triumph?
Being introvert isn’t a flaw of character
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