Warburg, SAIF-Backed 58.Com Completes $187M IPO

58.com Inc., China’s online classified ads and marketplace, says that it has priced its initial public offering of 11,000,000 American Depositary Shares (ADS) at US$17.00 for a total offering size of US$187 million.

This number assumes the underwriters do not exercise their option to purchase additional shares. Its shares are expected to begin trading on the New York Stock Exchange today under the ticker symbol "WUBA".

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.

The underwriters have been granted an option to purchase up to 1,650,000 additional shares at US$17.00 within 30 days from the date of the final prospectus.

Morgan Stanley & Co. International, Credit Suisse Securities (USA) and Citigroup Global Markets Inc. are acting as joint bookrunners, and Pacific Crest Securities is acting as co-manager, for the offering.

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