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Weibo IPO could value company at about $1.66 billion

05
Apr
2014

(Reuters) – Chinas Weibo Corp said it expected its initial public offering of 20 million American Depository Shares to be priced at $17-$19 each, valuing the Twitter-like messaging service at about $1.66 billion. Weibo, owned by Sina Corp, is the latest Chinese internet giant to tap U.S. markets, following on the heels of search service Baidu and its own corporate parent. Alibaba Group Holding Ltd, which owns a stake in Weibo, is expected to raise about $15 billion in New York this year, in the biggest internet IPO since Facebooks debut in 2012. Sina, which holds about 78 percent of Weibo, would see its stake drop to about 57 percent after the offering.

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