Weibo, China's largest microblogging service, announced terms for its IPO on Friday. The Beijing, China-based company plans to raise $360 million by offering 20 million ADSs at a price range of $17 to $19. At the midpoint of the proposed range, Weibo would command a market value of $3.7 billion.
Weibo, which was founded in 2009 and booked $188 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol WB. Weibo initially filed confidentially on January 9, 2014. Goldman Sachs, Credit Suisse, Morgan Stanley, Piper Jaffray and China Renaissance are the joint bookrunners on the deal.
