China’s Weibo sets IPO range at $17-19 with valuation of over $3.5 billion
Apr04
Weibo, the Chinese equivalent of Twitter, has released a pricing range for its upcoming IPO that would peg shares between $17-19, valuing the company between $3.5-$3.9 billion, The New York Times reports. Weibo, which was spun off from Sina, is looking to sell 20 million shares in the offering, potentially raising as much as $380 million. The firm also has a separate agreement with Alibaba that will see Sina sell additional shares to the ecommerce leader. In its filing, Weibo notes that it will use $250 million of the raised money to pay off loans from Sina and repurchase shares…
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