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Anyone familiar with this 58.com?

Shares of China’s classifieds website 58.com soar in debut

NEW YORK – Shares of 58.com Inc, an online classifieds company dubbed the Craigslist of China, rose as much as 59 per cent in their trading debut, a sign that the cloud over US-listed Chinese companies is lifting.

58.com raised US$187 million (S$232 million) after its initial public offering was priced at US$17 per American depositary share (ADS), well above its expected price range of US$13 to US$15.

The company sold 11 million shares in the offering.

The company’s shares opened at US$21.20 on the New York Stock Exchange on Thursday and touched a high of US$27.00, before closing at US$24.12.

WP X Asia Online Investment Holdings, a unit of private equity firm Warburg Pincus, is the largest shareholder in the Beijing-based company with a 26 per cent stake.

58.com has 130 million monthly users and had about 4.3 million active local merchants in its marketplace in the second quarter, according to the company’s IPO filing.

The company also said its website averaged 1.9 million listings per day from 380 Chinese cities and about 39 percent of its average monthly page views came from mobile applications.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
Haha looks like the US investors/speculators are easily convinced to buy Big Grin
Virtual currencies are worth virtually nothing.

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