Chinese social media platform Weibo has raised $285.6 million after pricing its Nasdaq flotation at the bottom end of its $17-$19 indicative price range.
The initial public offering of 16.8 million American Depositary Shares was priced at $17 per unit just after New York’s close on Wednesday by joint leads Credit Suisse and Goldman Sachs. Initially there were 20 million ADS units on offer, but recent market volatility led to a reduction in the offer size.
One ADS unit equals one ordinary share, with an additional 15% overallotment option.
The institutional book for China's version of Twitter is said to have been very concentrated....