When 58.com Inc. (NYSE: WUBA) launched its initial public offering (IPO) last October, shares rose by 50% on the first day of trading and have continued to rise pretty much ever since. That means only one thing these days: time for a secondary offering.

The company, which operates an online classified advertising marketplace for about 380 Chinese cities, plans to offer a total of 8 million American Depositary Shares (ADSs) and to grant the offering’s underwriters a 30-day option on another 1.2 million. Each ADS represents two Class A ordinary shares. 58.com sold 11 million ADSs in its IPO.

Of the shares on offer, half are new issues being sold by the company and the other half are being sold by existing shareholders. In its Form F-1/A filing with the U.S. Securities and Exchange Commission (SEC), 58.com estimated a maximum offering price of $23.87 per share, or $47.74 per ADS. The ADSs closed at $46.27 on Friday.

The company has adopted a dual-class share structure, and there will be about 43 million Class A shares and 124 million Class B shares outstanding after the IPO. Class B shares get 10 votes per share and will represent about 96.6% of the voting power among 58.com’s shareholders. Class B shares are converted to Class A shares before they can be sold.

Company executives and directors owned 128 million Class B shares before this secondary offering. After the offering, 58.com directors and executives will own about 111 million Class B shares, or 86.9% of the voting power in the company. The board waived the lock-up restriction on the sale of the company’s stock so that current director Dong Yang could sell about 250,000 shares in the secondary offering.

Shares of 58.com traded down about 6.5% to $43.28 after the first hour of trading on Monday morning. The stock’s post-IPO range is $21.15 to $58.89.

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