China's Weibo priced its initial public offering (IPO) at $17 per American Depository Share (ADS), at the bottom of its planned range, an underwriter told Reuters.
That put the value of the microblogging firm, which will trade under the ticker symbol "WB" on the Nasdaq on Thursday, at $3.46 billion. Bloomberg noted that would make it half as valuable as Twitter.
Weibo, which means "microblog," had planned to sell its shares at between $17 and $19 per share. According to Reuters, the firm sold 16.8 million ADSs in the offering, raising $285.6 million.
"Weibo is a wild-card, it has a complicated ownership structure," Keith Fitz-Gerald, chief investment strategist at Money Map Press, an independent financial services newsletter, told CNBC Asia's "Street Signs."
"The voice of the consumer is more powerful in China, they [Chinese consumers] are more accepting of ads. I don't know if they [Weibo] have effectively monetized this yet, so it could have a soft opening."