Weibo rises following IPO

• Weibo (NASDAQ:WB) opened at $16.27, below its $17 IPO price (at the low end of a $17-$19 range) . But shares have very quickly jumped to $18.18, giving them a 6.9% gain.
• The Chinese microblogging leader is worth $3.64B. Parent Sina (SINA +2.4%), which stands to own 58% of Weibo post-IPO after accounting for its downsized offering, has shot higher as well.
• Prospectus, IPO preview
• Update (12:20PM): Weibo is now up 10.1%.