Weibo Corp.'s shares are rising in the Chinese social media company's debut in the U.S.
Weibo provides a Twitter-like service that allows users to post up to 140 Chinese characters to share with others. Weibo has 61.4 million average daily active users, according to its filing with the U.S. Securities and Exchange Commission.
The company raised $285.6 million, pricing 16.8 million American depository shares at $17 each. That's the low end of the expected $17 to $19 range.
Its shares are trading on the Nasdaq under the symbol "WB." They were up 11% to $18.90 by midday Thursday and had risen to over $21 by 3 p.m.
Weibo is incorporated in the Cayman Islands but conducts business in China. Chinese online media company Sina Corp., Weibo's parent, remains a majority owner. It also trades in the U.S.
The Motley Fool recommends Sina and Twitter. The Motley Fool owns shares of Sina. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Solar Companies Are Set Up for a Strong Earnings Season
Rising demand and prices for solar panel prices bode well for manufacturers.
Today's Workers Aren't Optimistic About Raises and Promotions, Data Shows
Surprisingly, a large number of workers across the globe think their chances of a pay or title boost are pretty low. Here's how to bust out of that cycle and propel your career forward.
Could These High-Flying Tech Stocks Start Paying a Dividend?
Alphabet, Facebook, and Adobe don't do it yet, but that could change sooner than you think.