58.com, an online marketplace serving local merchants and consumers in China, announced terms for its IPO on Thursday. The Beijing, China-based company plans to raise $154 million by offering 11.0 million shares at a price range of $13 to $15. At the midpoint of the proposed range, 58.com would command a fully diluted market value of $1.2 billion.
58.com, which was founded in 2005 and booked $107 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol WUBA. 58.com initially filed confidentially on July 30, 2013. Morgan Stanley, Credit Suisse and Citi are the joint bookrunners on the deal.
