Chinese social networking platform Weibo Corporation has raised US$286 million by offering 16.8 million American Depository Shares (ADR) at US$17 per share. The size of its IPO is 21% smaller than its initial target of of US$380 million, according to an announcement.
The IPO was priced on the low end of Weibo’s initial US$17 to US$19 price range. It also initially planed to sell 20 million ADRs.
Sina corporation owns 77.6% of Weibo. Alibaba Group’s subsidiary, Ali WB investment holdings Ltd., owns 19.3%. The company’s directors and executive officers own a combined 3%, of which Sina’s founder Charles Chao owns 1.3%.
In 2013, Weibo generated total revenues of US$188 million and a net loss of US$38 million. Its net loss has shrank from 2012’s US$102 million and 2011’s US$118 million.
Weibo says it has over 129 million monthly active users, and over 2.8 billion monthly feeds. Over 70% of its monthly active users access its service from mobile devices.
Weibo is trading on the NASDAQ under the symbol WB.