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Weibo expects to be valued at $1.66 billion

Staff writer |
China's Weibo expects its initial public offering (IPO) of 20 million American Depository Shares to be priced at $17-$19 each, valuing the company at about $1.66 billion.

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The IPO is expected to raise about $380 million at the top end of the expected price range. Alibaba Group Holding Ltd, which owns a stake in Weibo, is expected to raise about $15 billion in New York this year. Sina, which holds about 78 percent of Weibo, would see its stake drop to about 57 percent after the offering.

Weibo's advertising and marketing revenue rose almost three times to $148.42 million in 2013.

Total revenue rose to $188.3 million in 2013 from $65.9 million while net loss narrowed to $38.1 million from $102.5 million.

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