'China's Craigslist' 58.com (NYSE: WUBA) prices shares at $38 in follow-on

Brian Hicks

Written By Brian Hicks

Posted March 28, 2014

58.com, known informally as the “Craigslist of China” went public in October 2013 and raised $187 million after an initial valuation of $17 per American Depositary Share (ADS). The site has approximately 130 million users and had 4.3 million local merchants in its local marketplace, according to regulatory filings with the SEC.

A follow-on to the IPO was recently announced, and today the company announced it will issue 2 million ADSs and selling shareholders will sell an aggregate of 4 million ADSs. Shares were priced at $38 USD per ADS, and this additional round will secure approximately $76 million for the company.

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