Weibo files for US IPO

Chinese messaging service Weibo has filed for an IPO on the Nasdaq market.

The messaging service – which is described as the Chinese version of Twitter – values at approximately $3.9 billion and the IPO of approximately 20 million American shares will be priced at $17-$19 each, giving the company total proceeds of $380 million, according to Reuters.

The move shows a decrease in the expected value of the company, as earlier this year market experts estimated that Weibo was worth up to $6 billion.

Its parent company Sina – which holds about 78% of Weibo – would see its stake drop to about 57% after the offering, while e-commerce giant Alibaba, which has an 18% stake, will increase its stake to 32% of the company.

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