Update (4 p.m.): Updated with one-day high price information.
NEW YORK (TheStreet) -- Weibo (WB - Get Report), the Chinese social media company that has been described as the country's equivalent to Twitter (TWTR - Get Report), soared on Thursday, its first day of trading after its IPO.
The company raised $286 million by pricing its initial public offering of 16.8 million shares, 16% fewer than expected, at $17 a share. That price was at the low end of the expected $17 to $19 range.
The stock opened at $16.27 at noon, but quickly recovered and surged more than 25% to a high of $24.48 for the day. More than 31 million shares changed hands by the close of trading.