Tiger Global Ups Stake In 58.com Inc (ADR) (WUBA)

Tiger Global Management, managed by Chase Coleman and Feroz Dewan, has disclosed raising its passive stake in 58.com Inc (ADR) (NYSE:WUBA). A filing with the Securities and Exchange Commission shows that Tiger Global holds 2.52 million class A ordinary shares of the company, representing an increase from 300,000 the fund held previously. The current position is equates to 6.5% of class.

TIGER GLOBAL MANAGEMENT LLC

Based out of China, 58.com Inc (ADR)(NYSE:WUBA) is a small capped  internet information provider and has a market capitalization of $3.20 billion. On March 28, 58.com announced the pricing of its registered follow-on public offering of American depositary shares (ADSs) by the company and certain selling shareholders. The offering was priced at $38.00 per ADS, and the company will issue and sell 2.0 million ADSs, while the selling shareholders will sell an aggregate of 4.0 million ADSs. The selling shareholders have granted the underwriters a 30-day option to purchase up to an aggregate of 900,000 additional ADSs.

For fourth-quarter 2013, 58.com Inc (ADR) (NYSE:WUBA) reported total revenues of $45.3 million, an 83.2% increase from the same period in 2012. The company’s net income was $10.8 million, compared with a net loss of $4.8 million in the same quarter of 2012. In fiscal-year 2013, the company’s total revenues were $145.7 million, representing a 67.3% increase from the fiscal year 2012. For fiscal-year 2013, the company reported net income of $19.6 million, compared with a net loss of $30.4 million in 2012.

Earlier this month, John Burbank‘s Passport Capital reported reducing its passive stake in 58.com Inc (ADR) (NYSE:WUBA), owning 2.0 million class A ordinary shares held via 1.0 million ADR shares. In December 2013, Robert Karr’s Joho Capital disclosed a new position in 58.com Inc (ADR) (NYSE:WUBA), holding 920,000 shares of class A common stock.

In a recent filing, Tiger Global revealed an increase in its position in dELiA*s Inc. (NASDAQ:DLIA) to approximately 4.47 million shares from 3.4 million held previously. In February, Tiger Global disclosed a substantial decrease in its position at TAL Education Group (ADR) (NYSE:XRS).

Disclosure: none

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