http://www.bbc.com/news/business-29249847
Chinese online giant Alibaba is expected to set the price of its shares later in what could be a record-breaking initial public offering (IPO). Alibaba could raise between $22bn (£13.5bn) and $25bn when it lists its shares in New York. The previous record IPO was set by Agricultural Bank of China's $22.1bn listing in 2010.
Chinese online giant Alibaba is expected to set the price of its shares later in what could be a record-breaking initial public offering (IPO). Alibaba could raise between $22bn (£13.5bn) and $25bn when it lists its shares in New York. The previous record IPO was set by Agricultural Bank of China's $22.1bn listing in 2010.
Alibaba said in an official filing on Monday that it expected to price its shares at between $66 and $68 a share. The increase suggested demand for the firm's shares is high. The shares are due to be priced after US markets close on Thursday, and start trading on the New York Stock Exchange on Friday.
Company executives and advisors have been meeting with potential institutional investors during the past week to gauge the likely demand for the shares so that they can set a price. Trading in the 368 million shares being sold is expected to be frenetic in the early hours after the market opens. According to financial information company Dealogic, Alibaba is expected to have a market capitalisation of about $165bn. The online retailer, which accounts for 80% of all online retail sales in China, handles more transactions than Amazon and eBay combined.
INC News, 18/09/2014-via BBC
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