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58.com stock soars on first trading day

Posted - Oct 31st, 2013 @ 8:16am



NEW YORK (AP) - Shares of 58.com are soaring on their first trading day after pricing at $17 each on Wednesday night in the company's initial public offering.

The stock opened at $21.20 on the New York Stock Exchange on Thursday. It is up $7.13, or nearly 42 percent, at $24.13 in morning trading.

58.com is Chinese company that operates an online classifieds marketplace for merchants and consumers. It had offered 11 million American Depositary Shares at that priced at $17 each for a total offering price of $187 million.

The IPO's underwriters have 30 days to buy an additional 1.7 million shares at $17 each.

58.com says it is China's largest local online marketplace based on monthly visitors to its website and mobile applications.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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