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Solid orders for Alibaba’s IPO in 2 days
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ALIBABA Group Holding Ltd has received enough orders for its record-breaking initial public offering to cover the entire deal within just two days of its launch, according to people familiar with the IPO process yesterday.
There was no indication as to where most of that demand was in the US$60-66 per share indicative range for the IPO, said the people, who couldn’t be named because details of the offering demand aren’t yet public.
Alibaba declined to comment.
At the top end of expectations, the Alibaba IPO would raise US$21.1 billion, topping Facebook Inc’s US$16 billion listing in 2012, as the largest-ever technology IPO.
Alibaba could set a new record for the world’s biggest IPO if underwriters exercise an option to sell additional shares to meet demand — putting it as high as US$24.3 billion, and overtaking the Agricultural Bank of China’s US$22.1 billion listing in 2010.
The company launched its IPO on Monday and is expected to price the deal on September 18.
Alibaba’s co-founder and Executive Chairman Jack Ma has spoken with investors in New York and Boston so far this week, presenting the company’s growth strategies and addressing concerns over its corporate governance.
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