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