Sina Weibo, Twitter-like service under Chinese online media company Sina (NASDAQ:SINA), got listed on Nasdaq Capital Market on April 17 under the ticker symbol of “WB” after it filed for the long-rumored IPO in mid-March.
[Update] Sina Weibo downsized its IPO and the company’s shares opened at $16.26 on the first day of its trading, 4.3% lower than its IPO price. Shares of Weibo then surged 19.06% to close $20.24 per share, totaling an market valuation of more than $4 billion.
The company issued 16.80 ADSs at the bottom of its planned range of $17 apiece to raise $285.6 million of capital. The company had planned to sell 20 million ADSs at between $17 and $19 per share.
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.