Twitter-clone Weibo cuts its IPO size offer

April 18
6:24 AM 2014

Chinese microblogging platform Weibo operates similarly to social media giant Twitter. The company has been planning to public through a share sale on the NASDAQ. However, the jumpstart of Weibo did not turn out as expected by Wall Street after it only raised USD286 million. This led the Twitter clone to cut the size its IPO due to slow user growth issues, reported Pulse2.

Meanwhile, Chinese e-commerce giant Alibaba has also set to embark on a highly anticipated public debut. The company holds a stake in Weibo and has been expecting to take in USD15 billion revenue in 2014.

The Sina Corporation-backed Weibo sold 16.8 million American depository shares priced USD17 per piece valuing the company at USD3.46 billion. Weibo has started trading on the NASDAQ under the ticker symbol WB.

Previously, the microblogging site Weibo intended to sell its listed 20 million depository shares priced between USD17 and USD19 per share piece.

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