NEW YORK: Financial communications consulting firm ICR was the sole PR agency aiding China’s Twitter-like Weibo platform with comms for its public-market debut on the Nasdaq stock exchange last Thursday.
A source familiar with the matter confirmed the relationship between ICR and Weibo.
Representatives from ICR declined to comment, and a spokesperson from Weibo was not immediately available to share information about the company’s IPO comms strategy.
Weibo raised $286 million after shares were priced at the very bottom of the company's range at $17 each. Trading started below market at $16.27 per share, but by the end of the first day, the price climbed 19% to $20.24. As of Wednesday morning, the stock was up more than 15% from its debut.
Last month, Weibo said it was filing for a US IPO with initial plans to sell $500 million in stock.
Chinese e-commerce company Alibaba is preparing to file a prospectus this week for its own highly anticipated public offering, supported by Sard Verbinnen & Co., Brunswick Group, and Hill+Knowlton Strategies. It bought a 19.3% stake in Weibo for approximately $600 million last April and did not sell any of its shares in the IPO.
With 130 million monthly active users in 190 countries, Weibo’s first-quarter 2014 revenue was $67.5 million. The company saw a 161% year-over-year increase in revenue, mostly from advertising. However, Weibo reported a substantial net loss of $47.4 million, more than twice that of same period in the year prior.