SINA's Weibo files preliminary prospectus to raise up to $500M in U.S. IPO Weibo, a social media platform in China and a majority-owned subsidiary of SINA (SINA) filed a preliminary prospectus on Friday for an initial public offering in the U.S. to raise up to $500M. In the filing with the SEC Weibo said, "We will use approximately $250M of the net proceeds we receive from this offering to repay loans we owe to SINA, our parent company and controlling shareholder. We intend to use the remainder to invest in technology, infrastructure and product development, to expand sales and marketing efforts, and for working capital and other general corporate purposes." Shares of SINA were up over 7% in post-market trading on Friday.
News For SINA From The Last 14 Days
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