Weibo Corporation is a China based Twitter-like messaging service that is planning to go public. The company raised $286 million, which is less-than-expected by Wall Street. The company cut the size of its U.S. initial public offering due to concerns of a slowing user growth.
Weibo Corp, a Twitter-like messaging service company, raised a less-than-expected $286 million after it cut the size of its U.S. initial public offering amid a selloff in technology shares and concerns about slowing user growth.
Alibaba Group, one of the largest Chinese e-commerce companies in China, is going public in the U.S. soon and holds stake in Weibo. Alibaba is expected to hit $15 billion in revenue this year.
Weibo is controlled by Sina Corporation and sold 16.8 million American depositary shares (ADSs) at $17 each. This values Weibo at $3.46 billion. Weibo will be trading the shares on the Nasdaq today with the symbol “WB.”
Weibo was previously planning to sell 20 million ADSs at between $17 and $19 each.