O’Melveny Represents Morgan Stanley, Credit Suisse, and Citigroup in US$215 Million IPO of 58.com Inc.

O’Melveny & Myers LLP represented Morgan Stanley & Co. International plc, Credit Suisse Securities (USA) LLC, and Citigroup Global Markets Inc. as joint bookrunners in the US$215 million initial public offering and NYSE listing of American Depositary Shares (ADS) of 58.com Inc. (“58.com”; NYSE: WUBA). 58.com sold 12.65 million shares at $17 each, including 1.65 million ADSs sold when the underwriters exercised their over-allotment option in full. Major private equity investors in 58.com include Warburg Pincus, SAIF Partners, and DCM, none of whom sold in the offering.

The IPO was met by extremely robust market demand. 58.com increased the initial US$13-US$15 price range to US$15-US$16 during the roadshow, before pricing at US$17. The ADSs also rose sharply in after-market trading, closing 47% above the IPO price on their first day of trading. The IPO’s success led to extensive media coverage, with many observers claiming the deal marked a milestone in the re-opening of US markets to IPOs by Chinese companies.

The O’Melveny team was led by Beijing partners David Roberts and Ke Geng, and Hong Kong partner David Johnson.


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