China's Weibo Corp said it expected its initial public offering of 20 million American Depository Shares to be priced at $17-$19 each, valuing the Twitter-like messaging service at about $1.66 billion. The IPO is expected to raise about $380 million at the top end of the expected price range.
Weibo, owned by Sina Corp , is the latest Chinese internet giant to tap U.S. markets, following on the heels of search service Baidu and its own corporate parent. Sina, which holds about 78 percent of Weibo, would see its stake drop to about 57 percent after the offering.
Alibaba Group Holding Ltd , which owns a stake in Weibo, is expected to raise about $15 billion in New York this year, in the biggest internet IPO since Facebook's debut in 2012.
Goldman Sachs (Asia) LLC and Credit Suisse are the lead underwriters for the offering and as Indians we can monitor this website to gain insights into Chinese mentality and their growth aspirations. I leave the modus operandi as a food for thought for the policy makers.
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