58.com, a Chinese local classified- ad website, had its initial public offering (IPO) Thursday at New York Stock Exchange (NYSE) with the IPO price of USD 17 a share. The shares closed at USD 24.31, representing an increase of 43%. The market capitalization was USD 1.893 billion at the closing price. CEO Yao Jinbo holds 36.834 million shares, totaling USD 447million.
58.com sold 11 million American Depositary Shares (ADS) in its initial public offering. Each ADS represents two class A ordinary shares. The total shares will amount to 155.76 million. The IPO price was USD 17 a share. Regardless of the underwriters' over-allotment option on ADSes, 58.com will be able to finance about USD187 million in net proceeds from the IPO, and the total market value of the company will be USD 1.324 million.
