New York Stock Exchange-listed Chinese Craigslist-like platform 58.com Inc. has committed 46.5 million newly issued ordinary shares and US$272 million in cash to several unnamed Chinese private equity funds as a limited partner, according to a company announcement.
Based on the company’s closing price of US$57.02 on the day of the announcement, the share portion of the commitment is worth approximately US$1.33 billion, as each 58.com American depositary share (ADS) represents two class A ordinary shares.
That makes the commitment worth a total of around US$1.6 billion.
The Beijing-based company did not disclose the identity of the private equity funds in its securities filings. But it says that these funds, together with other investors, recently acquired the remaining stake in Ganji.com, says the statement.
58.com acquired approximately 43.2% fully diluted equity stake of Ganji.com for around US$1.6 billion in April.