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China’s Craigslist launches IPO, hits NYSE higher than expected at $22 per share

Steven Millward
Steven Millward
9:53 pm on Oct 31, 2013

China's Craigslist set for US IPO next week, will raise up to $190 million

58.com (NYSE:WUBA), China’s top online classifieds site, has hit the New York Stock Exchange today for the first time. After initially targeting listing at $13.00 to $15.00 per share before raising that slightly (to $17) a few days ago, 58.com has just floated at $22 per share.

After a few minutes of initial trading, 58.com’s stock is already up to $24.25 (at time of publishing).

The site, sometimes referred to as China’s Craigslist, has 130 million monthly unique users. Its 2012 revenues hit $87 million but it made a loss of $30.4 million.

See our post from earlier this week on how 58.com makes money from all its classifieds.

China’s next big tech IPO looks set to be the mobile app development team behind popular apps like GO Launcher, which will likely hit the NYSE early in November.

(Editing by Josh Horwitz)

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Have Your Say
  • James

    PLEASE STOP using the “China’s version” trope. It’s belittling to the Chinese companies and it’s insulting to your readers.
    We don’t refer to Kijiji as Europe’s Craigslist do we?

    • http://www.techinasia.com Steven Millward

      @James – I see what you mean. we rarely do it (for example, I don’t believe I’ve ever used “China’s Twitter” in a headline in reference to Weibo), but this time I am using it just because Twitter turns 58.com into a short URL when it’s tweeted out. and 58.com is a pretty crappy name.