Weibo shares jump in market debut

Apr 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: Weibo seeks to raise at least $340 mln in US IPO

1 /5 (5 votes)
add to favorites email to friend print save as pdf

Related Stories

Weibo IPO below expectations, raises $285.6 mn

Apr 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.

Sina plans New York IPO for Weibo microblog

Feb 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

Mar 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 ...

Recommended for you

AOL to feed more video, news to Microsoft's MSN

11 minutes ago

AOL will provide Microsoft's MSN with more video and additional news stories from popular sites such as The Huffington Post and TechCrunch in an expansion of a deal aimed at selling more digital advertising.

Microsoft to tap $2-trillion Indian cloud market

4 hours ago

Microsoft announced plans Tuesday to offer its commercial cloud services from Indian data centres as it seeks to tap what it calls a $2-trillion market in the country where Internet use is growing rapidly.

User comments : 0