Why 58.com (WUBA) Stock Is Down Today

NEW YORK (TheStreet) -- 58.com  (WUBA) dipped 1.49% to $38.56 at 9:49 a.m. on Friday after the company announced the pricing of and reduced the size of its secondary public offering of American Depositary Shares.

58.com reduced the number of shares to 6 million from 8 million and priced the offering at $38 per ADS. The company will sell 2 million shares, while selling shareholders will sell 4 million shares. The company expects gross proceeds of $76 million, none of which will come from selling shareholders, according to a statement.

Morgan Stanley, Credit Suisse and Citigroup acted as joint book running managers for the offering.

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