Alibaba IPO: Ranks As World’s Biggest After Additional Shares Sold
Alibaba Group Holding Ltd’s initial public offering (IPO) is now the world’s biggest in history with the worth of $25 billion. This is after some of its shareholders and e-commerce giant sold shares. This surpassed the last record of $21.1 billion which was set by Agricultural Bank of China Ltd in the year 2010. On Friday, Alibaba’s stock surge to 38%.
Additionally, Alibaba agreed on selling 26.1 million additional shares netting the company to have an extra of $1.8 billion. Moreover, Jack Ma of Alibaba agreed to sell 2.7 million and Joe Tsai, the company’s co-founder agreed to sell 902,728 additional shares. On the other hand, Yahoo Inc also agreed on selling 18.3 million of shares leaving its net worth of $1.2 billion.
Furthermore, Credit Suisse Group AG, Deutsche Bank,Citigroup Inc, JPMorgan Chase & Co,Goldman Sachs Group Inc,and Morgan Stanley are the joint bookrunners of the IPO.
The Independent finacial advisor of the Alibaba on the deal is Rothschild.
