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Weibo prices IPO at $17/ADS - underwriter
April 17, 2014 / 1:55 AM / in 4 years

Weibo prices IPO at $17/ADS - underwriter

April 16 (Reuters) - China’s Weibo Corp priced its initial public offering at $17 per American Depositary Share at the bottom of its planned range, an underwriter told Reuters, valuing the microblogging service at $3.46 billion.

The Twitter-like service, owned by web portal Sina Corp , sold 16.8 million American Depositary Shares (ADSs) in the offering, raising $285.6 million.

The company had planned to sell the shares at between $17 and $19 per share.

Weibo’s shares are expected to begin trading under the symbol “WB” on the Nasdaq on Thursday.

Goldman Sachs (Asia) LLC and Credit Suisse were the lead underwriters to the offering. (Reporting by Devika Krishna Kumar and Sampad Patnaik in Bangalore; Editing by Sunil Nair)

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