China-based online major Alibaba Group is all set to sell almost $22 billion of shares on Thursday, which could perhaps be the world's largest ever initial public offering (IPO) and which has evinced keen interest from worldwide investors.
Alibaba shares are expected to be priced after the markets close at 4 PM (US time) on Thursday and will begin trading on NYSE the very next day under the ‘BABA’ ticker.China-based online major Alibaba Group is all set to sell almost $22 billion of shares on Thursday, which could perhaps be the world's largest ever #
Following strong demand, Alibaba raised the IPO price range to between $66 and $68 a share, up from $60 to $66 per share price range it had filed with regulators earlier.
At the top end of $68 a share, Alibaba will raise nearly $22 billion and if underwriters exercise an option to sell more shares, the IPO will top Agricultural Bank of China’s record $22.1 billion listing in 2010.
Alibaba, which began operations on a B2B model, set its sights on a B2C model by setting up an international logistics firm Cainiao Network Technology Company last year. It also started AliExpress to act as a bridge between China's small and medium enterprises and retailers worldwide.
Alibaba is guided by Jack Ma, a former teacher turned entrepreneur, who along with 18 other founders set up the global online company with hopes of being counted among top 10 internet companies in the world. (AR)
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