"China's Craigslist" 58.com debuts on NYSE
Chinese online classifieds marketplace 58.com would be making its debut today on the New York Stock Exchange. 58.com would be selling 11 million of American Depository Shares (ADS) at an initial price of USD17 per share. The company would be listed under the ticker name "WUBA."
According to DCM general partner Hurst Lin, whose company is the lead investor of 58.com, the proceeds from the IPO would go toward development of its core products and launching of additional verticals. Products that would most likely get primary attention for for development would be the short-term job ads targeted for blue-collar workers. Tech website Techcrunch said 58.com would be developing mobile apps that are location-based to connect job searchers with nearby opportunities.
Founded in 2005, 58.com grew into a go-to online classifieds website and marketplace. Known as "The Craigslist of China," it recently booked sales amounting to USD107 million in the fiscal year ending June 2013.