58.com stock soars on 1st trading day

[November 01, 2013]  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.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.