Weibo shares jump in market debut

April 17, 2014 by The Associated Press

Weibo Corp.'s shares are rising in the Chinese social media company's debut in the U.S.

Weibo provides a Twitter-like service that allows users to post up to 140 Chinese characters to with others. Weibo has 61.4 million average daily active users, according to its filing with the U.S. Securities and Exchange Commission.

The company raised $285.6 million, pricing 16.8 million American depository shares at $17 each. That's the low end of the expected $17 to $19 range.

Its shares are trading on the Nasdaq under the symbol "WB." They are up 11 percent to $18.90 by midday Thursday.

Weibo is incorporated in the Cayman Islands but conducts business in China. Chinese online media company Sina Corp., Weibo's parent, remains a majority owner. It also trades in the U.S.

Explore further: Sina plans New York IPO for Weibo microblog

Related Stories

Sina plans New York IPO for Weibo microblog

February 25, 2014

(AP)—Chinese internet company Sina Corp. plans to spin off its Twitter-like microblog service, Weibo, in a U.S. initial public offering to raise $500 million, a person with knowledge of the deal said Tuesday.

Weibo IPO papers littered with China censorship warnings

March 19, 2014

While Internet giants like Twitter and Google champion free speech, the US listing document for Chinese microblogging platform Weibo is littered with 56 pages of warnings on the risks of operating in a country which seeks ...

Weibo IPO below expectations, raises $285.6 mn

April 17, 2014

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

Recommended for you

Apple issues update after cyber weapon captured

August 26, 2016

Apple iPhone owners on Friday were urged to install a quickly released security update after a sophisticated attack on an Emirati dissident exposed vulnerabilities targeted by cyber arms dealers.

Sponge creates steam using ambient sunlight

August 22, 2016

How do you boil water? Eschewing the traditional kettle and flame, MIT engineers have invented a bubble-wrapped, sponge-like device that soaks up natural sunlight and heats water to boiling temperatures, generating steam ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.