Sina Corporation’s (SINA.NASDAQ) Weibo microblogging service will raise at least US$340 million in its US initial public offering on the Nasdaq exchange, Agence France-Presse reported, citing an updated filing by the service. The offering will include 20 million shares, with the price per share set at a range of US$17-US$19. The filing said a unit of e-commerce giant Alibaba Group had agreed to buy three million shares in the IPO and had an option to increase its stake up to 30% of the total capital of the company.
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