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Thursday, April 17, 2014

Weibo cuts IPO size amid selloff in technology stocks, (NASDAQ: SINA)

China's Weibo Corp will be valued at a lower-than-expected $3.46 billion when it goes public on the Nasdaq on Thursday, amidst concerns about the microblogging service's slowing user growth and the country's highly censored media environment.The Twitter-like microblogging service, owned by web portal Sina Corp, sold 16.8 million American Depositary Shares (ADSs) for $17 apiece, raising $285.6 million, an underwriter told Reuters.The company had planned to sell 20 million ADSs at between $17 and $19 per share.Weibo will add to the list of Chinese companies flocking to the U.S. IPO market in their biggest numbers since 2010, drawn by soaring valuations for tech start-ups.

SINA Corporation (SINA), incorporated on July 9, 1997, is an online media company serving China and the global Chinese communities. Shares of SINA fell by 0.19% or $-0.1/share to $52.99. In the past year, the shares have traded as low as $45.54 and as high as $92.83. On average, 4064520 shares of SINA exchange hands on a given day and today's volume is recorded at 3211487.



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