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Weibo valued at $3.46 billion after bottom-end IPO pricing

17
Apr
2014

(Reuters) – Chinas 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 services slowing user growth and the countrys 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. 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. Chinese e-commerce giant Alibaba Group, which invested $586 million for an 18 percent stake in Weibo, is expected to file for a widely anticipated share sale as early as Monday, according to sources.

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