Sina Weibo files for $500 million U.S. IPO

SAN FRANCISCO, March 14 Fri Mar 14, 2014 5:31pm EDT

SAN FRANCISCO, March 14 (Reuters) - Twitter-like messaging service Weibo Corp filed on Friday to raise $500 million via a U.S. initial public offering, as Chinese companies flock to the American market to take advantage of soaring valuations.

The messaging service owned by China's Sina Corp hired Goldman Sachs and Credit Suisse to manage its U.S. debut, which it said would boost brand recognition and help retain talent.

Its proposed $500 million target is an estimate worked out solely for the purposes of calculating registration fees.

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