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Weibo IPO valued at $3.9bn

09 April 2014, 07:13

China's Weibo said it expected its initial public offering of 20 million American depository shares to be priced at $17-$19 each, valuing the Twitter-like messaging service at about $3.9bn.

The IPO is expected to raise about $380m at the top end of the expected price range.

Weibo, owned by Sina, is the latest Chinese internet giant to tap US markets, following on the heels of search service Baidu and its own corporate parent.

Alibaba Group, which owns a stake in Weibo, is expected to raise about $15bn in New York this year, in the biggest internet IPO since Facebook's debut in 2012.

Sina, which holds about 78% of Weibo, would see its stake drop to about 57% after the offering.

Weibo intends to list its common stock on the Nasdaq under the symbol "WB."

The number of Chinese companies looking to list shares on the US exchanges have risen steadily since last year despite simmering concerns among investors about Chinese accounting standards.

Weibo's advertising and marketing revenue rose almost three times to $148.42m in 2013.

Total revenue rose to $188.3m in 2013 from $65.9m while net loss narrowed to $38.1m from $102.5m.

Goldman Sachs (Asia), LLC and Credit Suisse are the lead underwriters for the offering.

- Reuters


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