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Alibaba boosts price range to seek up to US$25.03b to fuel expansion
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CHINESE e-commerce giant Alibaba has boosted the price range for what was already seen to be the biggest stock offering on record, to raise as much as US$25.03 billion.
Documents filed with US regulators on Monday upped the price range for the stock offering to US$66-68 per share, resulting in proceeds which would break the record for stock flotations, set in 2010 by the Agricultural Bank of China.
Alibaba would raise between US$24.3 billion and US$25.03 billion based on the new documents filed with the Securities and Exchange Commission.
The new price range was lifted from US$60-66, filed earlier this month, and comes amid intense interest in the fast-growing Chinese online retail group.
Alibaba would have a market value of US$163-168 billion based on the new price range.
The final price could come later this week and the stock could trade as early as Friday, according to some reports.
The initial public offering allows investors to get a piece of the huge Chinese market, but it also will fuel Alibaba’s expansion plans.
The company earlier this year announced plans for a US marketplace called 11 Main, which is currently in a test phase.
Alibaba’s consumer services are similar to a mix of those offered by US Internet titans eBay, PayPal and Amazon.com, and it also operates services for wholesalers.
Alibaba Group made a profit of nearly US$2 billion on revenue of US$2.5 billion in the quarter ending on June 30, according to its latest filing. Revenue rose 46 percent from the same period a year earlier.
The firm will trade on the New York Stock Exchange under the symbol “BABA.”
Alibaba decided to list in New York because it wanted an alternative class share structure to give selected minority shareholders extra control over the board; the Hong Kong bourse declined to change its rules to allow this.
Alibaba founder Jack Ma struck a conciliatory note in comments this week over its failure to list in Hong Kong.
“Some people have said that Hong Kong lost the opportunity to have Alibaba. I personally feel that Alibaba missed out on Hong Kong,” Ma said at an investor roadshow in Hong Kong.
Ma said this missed opportunity could be due to misunderstanding between the two sides. “I believe, I understand and I especially support the fact that Hong Kong should not change its principle for one company or one enterprise.”
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