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E-commerce portal Alibaba.com raises as much as $1.5 billion via an IPO.(MERGERS AND ACQUISITIONS)
China Telecom, November, 2007
Chinese e-commerce portal Alibaba.com has raised $1.5 billion in its IPO (initial public offering), according to sources close to this deal. Alibaba has apparently sold its 17 percent stake (858.9 million shares) at around $1.75 each. These shares were set to be listed on the Hong Kong stock market on November 6.
Alibaba Group founder Jack Ma stated that the proceeds would be used to make acquisitions in China as well as other countries. The price represents a multiple of 55 times the syndicate earnings for 2008. Reports suggest that the IPO was oversubscribed by over 250 times. Alibaba drew as much as $57.7 billion for the retail shares. Meanwhile, the underwriters have the choice of releasing an extra 113.67 million shares. The increasing demand for the portal...
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