Sina Weibo files for IPO on Nasdaq under “WB”, confirmed by its updated prospectus on April 5 2014, Weibo’s IPO shares will be priced at USD 17 to 19 and the highest financing amount will be USD 437 million.
Weibo plans to issue 20 million American Depository shares (ADS), giving underwriters overallotment option with at most 3 million ADS which means the highest volume will be 23 million. The 23 million ADS are all Class A common stock.
After the IPO, Sina Corporation’s equity of stock holdings will be dropped from 77.6% to 56.9%, Alibaba’s will be increased from 19.3% to 32%. Sina Corporation’s voting right will be 79.9% and Alibaba will account for 15%.