China's Twitter-like platform Weibo went public on the Nasdaq on Thursday under the symbol "WB" and opened just below the expected $17 price but started trading 2 percent higher soon afterward. Since then, its shares have soared.
The stock was expected to open Thursday morning, but was delayed until closer to noon. The underwriters, which include Goldman Sachs, determined the listing time, sources familiar with the situation told CNBC.
At the offer price, Weibo is valued at $3.46 billion. The company is controlled by the Web portal firm Sina and sold 16.8 million American depositary shares at $17 each, raising about $286 million, Reuters reported. This figure was less than the planned 20 million ADSs priced between $17 and $19 each.
The company priced the shares at the lower end of the range because of the recent stock market turmoil, particularly in technology shares, a banker who worked on the IPO told Reuters.