Chinese social networking platform Weibo Corporation is planning to raise US$500 million via an initial public offering on the NASDAQ, according to a securities filing.
Weibo filed its F-1 form with the U.S. Securities and Exchange Commission on March 14. It filed an amendment on March 31.
According to the filing, 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.