Weibo shares jump in market debut
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 share 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.
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