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Alibaba’s float ranks as world’s biggest
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ALIBABA’S initial public offering now ranks as the world’s biggest at US$25 billion, netting underwriters of the sale a more than US$300 million windfall after the e-commerce giant and some shareholders parted with additional shares.
The fees are equivalent to 1.2 percent of the total deal, with Alibaba paying US$121.8 million in commissions. Selling shareholders are set to pay another US$178.6 million, according to a filing with the US Securities and Exchange Commission yesterday.
Overwhelming demand saw the IPO initially raise US$21.8 billion, and then sent Alibaba Group Holding Ltd’s stock surging 38 percent in its debut on Friday. That prompted underwriters to exercise an option to sell an additional 48 million shares. That means the IPO has surpassed a previous global record set by the Agricultural Bank of China in 2010, when the lender raised US$22.1 billion.
According to its prospectus, Alibaba had agreed to sell 26.1 million additional shares under the option, and Yahoo Inc an additional 18.3 million, netting the two companies an extra US$1.8 billion and US$1.2 billion respectively.
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