Weibo to sell 20 mln-shares in US IPO to raise 380 mln-dollars

Washington, Apr. 05: A Chinese micro-blogging site has reportedly filed with the US Sales and Exchange Commission to sell 20 million shares in an Initial Public Offering (IPO) that could raise as much as 380 million-dollars.

Weibo will sell 20 million shares at 17 to 19 dollars a share in an IPO that could raise the big amount of money for the company, which is sometimes called the ‘Chinese Twitter’.

According to the CNN, market watchers who are looking for ways to tap into the Chinese market have Weibo on their ‘favorite list’ and if the math works out the company could be worth about 4 billion-dollars after its IPO.

Lise Buyer, of advisory group Class V, said that the IPO market is robust all around the world and its performance has caused institutional investors around the world to focus on reward, rather than risk.

Sina Corp (SINA) owns Weibo and the company has about 130 million active users a month, the report added. (ANI)