Alibaba’s IPO biggest ever globally and issues more shares
Alibaba Group Holding Ltd’s (BABA.N) 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.
The IPO surpassed the previous global record set by Agricultural Bank of China Ltd (601288.SS) in 2010 when the bank raised $22.1 billion.
Under the option, Alibaba agreed to sell 26.1 million additional shares and Yahoo Inc (YHOO.O) 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.
Source: Reuters- Alibaba’s IPO biggest ever globally and issues more shares
