Warburg Pincus, SAIF-Backed 58.com Files For $150M IPO

Beijing-based Chinese online classified ads website 58.com has filed for a US$150 million IPO on the New York Stock Exchange.

Warburg Pincus currently holds 25.8% of 58.com. SAIF Partners and DCM hold 20.5% and 16.6% respectively.

Founded in 2005, 58.com reported US$285,000 in net income on US$55 million revenue for the first half of 2013, compared to a US$19 million net loss on US$34 million revenue for the same period last year.

Morgan Stanley, Credit Suisse and Citigroup are serving as lead underwriters.

The company plans to trade under ticker symbol WUBA.

58.com operates the largest online marketplace serving local merchants and consumers in 380 cities in China, according to iResearch.

China Expert Network
China Expert network