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Chinese mega microblogging site Weibo files for a $500 million IPO

By: Renaissance Capital
Posted: 3/14/2014 5:27:00 PM
Referenced Stocks: TWTR

Weibo, China's largest microblogging service, filed on Friday with the SEC to raise up to $500 million in an initial public offering. Weibo, often called the Twitter of China, has over 129 million monthly active users producing 2.8 billion monthly posts. The Beijing, China-based company was founded in 2009 and booked $188 million in sales for the fiscal year ended December 31, 2013. Goldman Sachs and Credit Suisse are the joint bookrunners on the deal. The initial filing did not list a proposed symbol or exchange. No pricing terms were disclosed.