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58.com increases range to $15 to 16, proposed deal size is now $176 million
By: Renaissance Capital
58.com, an online classifieds marketplace serving local
merchants and consumers in China, raised the proposed deal size
for its upcoming IPO on Tuesday. The Beijing, China-based company
now plans to raise up to $176 million by offering 11.0 million
shares at a price range of $15 to $16. The company had previously
filed to offer the same number of shares at a range of $13 to
$15. At the high end of the revised range, 58.com will raise 14%
greater proceeds than previously anticipated.
58.com, which was founded in 2005 and booked $107 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol WUBA. 58.com initially filed confidentially on July 30, 2013. Morgan Stanley, Credit Suisse and Citi are the joint bookrunners on the deal. It is expected to price during the week of October 28, 2013.