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Weibo shares jump in market debut

Published on Apr 18, 2014 12:28 AM
Weibo Corporation Chairman Charles Chao poses with figures following the opening of trading at the NASDAQ MarketSite in Times Square on day one of Weibo's initial public offering (IPO) on The Nasdaq Stock Market in New York on April 17, 2014. -- FILE PHOTO: REUTERS

(REUTERS) - Shares of Weibo Corp, the owner of a Chinese Twitter-like messaging service, rose more than 11 per cent in their US debut, overcoming worries about the outlook for tech sector and concerns that censorship in China was affecting its user growth.

Weibo's shares had been priced at the bottom end of the target range of US$17-19 (S$21 - 23), and the size of the offering had been cut to 16.8 million American Depositary Shares from 20 million.

The shares touched a high of $18.91 in early trading on Thursday, valuing the company at $3.85 billion. The offering raised $286 million for Weibo.