20°C / 22°C
  • Tue
  • 19°C
  • 6°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 21°C
  • 3°C
  • Fri
  • 17°C
  • 3°C
  • Sat
  • 18°C
  • 4°C
  • Sun
  • 14°C
  • 0°C
  • Tue
  • 23°C
  • 10°C
  • Wed
  • 21°C
  • 10°C
  • Thu
  • 21°C
  • 9°C
  • Fri
  • 14°C
  • 10°C
  • Sat
  • 14°C
  • 8°C
  • Sun
  • 15°C
  • 7°C
  • Tue
  • 22°C
  • 7°C
  • Wed
  • 21°C
  • 6°C
  • Thu
  • 22°C
  • 3°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 19°C
  • 7°C
  • Sun
  • 17°C
  • 4°C
  • Tue
  • 20°C
  • 3°C
  • Wed
  • 19°C
  • 2°C
  • Thu
  • 21°C
  • -1°C
  • Fri
  • 20°C
  • 2°C
  • Sat
  • 18°C
  • 2°C
  • Sun
  • 13°C
  • 0°C
  • Tue
  • 24°C
  • 15°C
  • Wed
  • 22°C
  • 14°C
  • Thu
  • 22°C
  • 13°C
  • Fri
  • 24°C
  • 14°C
  • Sat
  • 22°C
  • 15°C
  • Sun
  • 20°C
  • 13°C
  • Tue
  • 20°C
  • 10°C
  • Wed
  • 25°C
  • 16°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 25°C
  • 13°C
  • Sat
  • 13°C
  • 10°C
  • Sun
  • 13°C
  • 9°C
  • Tue
  • 25°C
  • 10°C
  • Wed
  • 22°C
  • 11°C
  • Thu
  • 23°C
  • 11°C
  • Fri
  • 16°C
  • 7°C
  • Sat
  • 12°C
  • 3°C
  • Sun
  • 14°C
  • 1°C
  • Tue
  • 23°C
  • 12°C
  • Wed
  • 21°C
  • 13°C
  • Thu
  • 21°C
  • 13°C
  • Fri
  • 16°C
  • 9°C
  • Sat
  • 12°C
  • 7°C
  • Sun
  • 14°C
  • 7°C
  • Tue
  • 22°C
  • 7°C
  • Wed
  • 20°C
  • 6°C
  • Thu
  • 20°C
  • 3°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 21°C
  • 6°C
  • Sun
  • 17°C
  • 5°C
  • Tue
  • 19°C
  • 3°C
  • Wed
  • 18°C
  • 3°C
  • Thu
  • 19°C
  • 1°C
  • Fri
  • 17°C
  • 2°C
  • Sat
  • 11°C
  • 1°C
  • Sun
  • 10°C
  • -2°C
  • Tue
  • 23°C
  • 5°C
  • Wed
  • 20°C
  • 5°C
  • Thu
  • 19°C
  • 3°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 24°C
  • 6°C
  • Sun
  • 20°C
  • 5°C
  • Tue
  • 23°C
  • 9°C
  • Wed
  • 25°C
  • 17°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 25°C
  • 10°C
  • Sat
  • 11°C
  • 7°C
  • Sun
  • 11°C
  • 5°C

Alibaba IPO ranks as world's biggest

The IPO surpassed the previous global record set by Agricultural Bank of China Ltd in 2010.

Alibaba Group logo. Picture: Facebook.com

HONG KONG - Alibaba Group Holding Ltd.'s initial public offering now ranks as the world's biggest in history at $25 billion, after the e-commerce giant and some of its shareholders sold additional shares.

Overwhelming demand saw the IPO initially raise $21.8 billion and then send Alibaba's stock surging 38 percent in its debut on Friday. That prompted underwriters to exercise an option to sell an additional 48 million shares, a source with direct knowledge of the deal said.

The IPO surpassed the previous global record set by Agricultural Bank of China Ltd in 2010 when the bank raised $22.1 billion.

Under the option, Alibaba agreed to sell 26.1 million additional shares and Yahoo Inc. 18.3 million, netting the two companies an extra $1.8 billion and $1.2 billion respectively.

Alibaba's Jack Ma agreed to sell an extra 2.7 million shares and company co-founder Joe Tsai agreed to sell 902,782 additional shares, according to the prospectus.

The source declined to be identified as the details of the additional sale have yet to be made official. Alibaba declined to comment.

Citigroup Inc., Credit Suisse Group AG, Deutsche Bank, Goldman Sachs Group Inc., JPMorgan Chase & Co and Morgan Stanley acted as joint bookrunners of the IPO.

Rothschild was hired as Alibaba's independent financial advisor on the deal.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus