Weibo Shares Surge On First Day of Trading
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Weibo Corp., the Chinese microblogging service owned by Sina Corp., surged 19% in its first day of trading after pricing its initial public offering at the low end of the marketed range.
The shares climbed $3.24 to $21.24 as in New York, after they were priced at $17 each. Weibo, which also counts Alibaba Group Holdings among its backers, raised $285.6 million in the IPO, after offering the shares for $17 to $19 apiece.
Weibo’s IPO was set against the backdrop of tumbling stocks. Since the company publicly filed for its IPO on March 14, U.S. peer Twitter dropped more than 14% through yesterday amid a broad decline in technology stocks while Sina fell 18 percent. Weibo joins seven other Chinese Internet companies that have filed to raise a total of $2.8 billion in New York this year.
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