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Chinese online retailer Alibaba Group before the first access to the exchange raised the price range for its shares to $ 66-68 per share, to be updated prospectus of the company, quoted on site of the Securities and Exchange (SEC). With this level of accommodation cost may reach $ 21.8 billion and the Chinese company will stop one step short of the world record, which is now owned Agricultural Bank of China, gathered in an IPO in 2010, $ 22.1 billion.
On the eve of Bloomberg citing unnamed sources reported that due to the high demand for their shares Alibaba increase their value to above $ 70 per share. In this case, the placement volume could reach $ 22.4 billion.
In the company’s prospectus filed with the SEC in early September, Alibaba has established the value of their shares in the range of $ 60 to $ 66 In this evaluation, all the company was valued at $ 155 billion.
The final share price Alibaba plans to install 18 September, the day prior to the placement.
At a meeting with investors on September 15 in Hong Kong company founder Jack Ma assured that he would not insist on increasing the value of shares of Alibaba, told the news agency Bloomberg, two participants in the private reception at Ritz-Carlton. Ma afraid to repeat a bad experience with the unit Alibaba.com in 2012, when, shortly after the listing value of the securities plummeted. According to sources Bloomberg, during a meeting Ma answered questions about the structure of the partnership, management philosophy, and the company plans to support profitability.
Trading in shares on the New York Stock Exchange (New York Stock Exchange, NYSE) will begin 19 September. The company plans to sell 320.1 million shares. In this case, up to 6% of the securities offered for sale is reserved for some of the top managers and employees, and business partners, who can buy shares at the initial price Alibaba public offering.
The largest seller of its stake in Alibaba is Yahoo , which will offer 121 million shares to investors with the ability to increase to 141 million. Chinese sovereign wealth fund China Investment Corp. part with a quarter of its stake in Alibaba, which reaches 2.5%. He will sell 14.3 million shares. The head of the company to sell to investors 12,750,000 shares, reducing its stake from 8.8% to 7,8%.
Since September 8, the Internet giant is holding meetings with investors. It is expected that the road-show will continue this week. American investors can submit bids for the purchase of shares of Alibaba to 16:00 on September 16 market participants from Europe and Asia – before noon local time on 17 September. In this case, due to high demand, the company may prematurely declare the receiving preliminary applications.
September 10 edition of the Hong Kong Economic Journal reported that the order book at the IPO Alibaba oversubscribed three times.
Marina Magay
September 16, 2014
RBC
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