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Hours ahead of IPO, Weibo fails to sell out shares, will raise only $286 million

Steven Millward
Hours ahead of IPO, Weibo fails to sell out shares, will raise only $286 million

Hours before China’s Twitter-esque social network Sina Weibo hits NASDAQ, it appears the long-awaited IPO will not be as large as some predicted. Yesterday, Weibo opted to float at $17 per share, which is at the bottom of its chosen listing range ($17 to $19). And today Weibo’s shares are under-subscribed, according to the Wall Street Journal.

Only 16.8 million of Weibo’s 20 million shares have been sold, meaning that the Sina (SINA) spin-off will only raise $286 million from its listing.

If all shares had been sold and it listed at its top-most $19 price, Weibo would’ve raised $437 million.

At this lower IPO price, Weibo is valued at about $3.4 billion.

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(See: The omen: the sad decline of “China’s Facebook” shows why you should avoid the IPO of “China’s Twitter”)


The post Hours ahead of IPO, Weibo fails to sell out shares, will raise only $286 million appeared first on Tech in Asia.