Alibaba raises IPO price range
23 October 2007
Alibaba has raised its IPO price range, the Wall Street Journal reported. The e-commerce firm, which is listing in Hong Kong, raised the price range to between HK$12 and HK$13.50 (US$1.55-1.74) a share. The previous range was HK$10-12. The new prices mean Alibaba could raise up to US$1.49 billion, compared to US$1.33 billion previously. The IPO at the lower valuation would still be China's biggest tech listing to date. The firm will sell 858.9 million shares, or 17% of its enlarged share capital. Institutional investors will take up 85% (US$295 million) of the shares. Yahoo, which has a 39% stake in parent company Alibaba Group, has subscribed to US$100 million worth of shares. Final pricing is set for October 26 and the listing is scheduled for November 6.
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