58.com, an online classifieds marketplace serving local merchants and consumers in China, raised the proposed deal size for its upcoming IPO on Tuesday. The Beijing, China-based company now plans to raise up to $176 million by offering 11.0 million shares at a price range of $15 to $16. The company had previously filed to offer the same number of shares at a range of $13 to $15. At the high end of the revised range, 58.com will raise 14% greater proceeds than previously anticipated.
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. It is expected to price during the week of October 28, 2013.
