Moments ago Weibo opened at a price that shocked pretty much everyone following the story of "China's Twitter", which had already cut overnight the number of shares [4] it was taking public:
- WEIBO CORP OPENS AT $16.27, IPO AT $17.00
However, within moments of opening the underwriters did everything they can to avoid another Facebook and defended the IPO price, promptly sending the stock above $17.00 where it was trading as of this second.
[5]
Will they succeed in keeping the most watched social network IPO of the week above its IPO price, or will the Chinese social networking craze also be Candy Crushed? The next few hours should give the answer.