Weibo, China's largest microblogging service with 143.8 million MAUs and a spinoff of Sina, raised $286 million by offering 16.8 million ADSs (down from 20 million) at $17, the low end of the $17-$19 range. Weibo raised 21% fewer proceeds than initially expected and now commands a $3.7 billion fully diluted market cap ($3.2 billion EV). Weibo will list on the NASDAQ under the symbol WB. Goldman Sachs (Asia), Credit Suisse, Morgan Stanley and Piper Jaffray acted as lead managers on the deal.
