58.com shares jump 50% on US debut

Confidence in Chinese companies listing in the US appears to be back after shares in the Beijing-based online marketplace soar.
The better-than-expected response from investors enabled 58.com to increase its price guidance during bookbuilding.
The better-than-expected response from investors enabled 58.com to increase its price guidance during bookbuilding.

Shares of 58.com jumped as much as 50% in the morning session of their debut trading day on the New York Stock Exchange, after the Beijing-based online marketplace priced its $187 million float at a price beyond the given range.

The book of the deal was strong with support from about 500 accounts. At the final pricing level, the overall book was more than 20 times covered, according to a source. Investors include Asia-based funds, the US tech community, as well as big global long-only and sovereign wealth funds.

The better-than-expected response from investors enabled the company to increase its price guidance during bookbuilding. The company was...

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