Weibo's IPO sold only 16.8 million shares from the 20 million expected share sale
Sina owned Weibo has taken in USD285.6 million during its public debut. This was according to a report from Bloomberg, cited TechCrunch.
Microblogging platform receives 143.8 million of active visitors every month. It is also known for its open forums in China. The IPO of the company has sold 16.8 million American Depository Shares valued at USD17 per share piece. The sale did not turn out as expected, reported TechCrunch.
Sina has expected to sell 20 million depository shares valued USD17 to USD19 per share piece. However, even as the sale did not turn out as expected, other tech firms in China should not take this as a sign against future listing plans on the US bourse. Although the user base of Weibo is already stable, the app has to race with other
Chinese apps including WeChat from Tencent. Weibo’s money generating plans were still less clear compared to WeChat which has already made huge revenues from games and sticker sales, reported TechCrunch.