Weibo seeking $540m in float

Social media service Weibo, often called “the Twitter of China”, has unveiled estimated terms for an initial public offering.

Weibo’s owner, Sina Corporation, said last month it was taking the company public with a plan to raise up to $US500 million ($540m) in an IPO.

The move to go public came four months after Twitter’s IPO.

In a filing with the US Securities and Exchange Commission, Weibo estimated ADRs would price between $US17 and $US19 apiece.

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