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Business News/ Companies / Alibaba’s record IPO said to be covered after first few roadshow meetings

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Alibaba’s record IPO said to be covered after first few roadshow meetings

1 min read 10 Sep 2014, 11:26 AM IST Join us

Jessica Toonkel , Olivian Oran , Elzio Barreto

Alibaba has received enough orders for its IPO to cover the entire deal within just two days of its launch

At the top end of expectations, the Alibaba IPO would raise $21.1 billion, topping Facebook’s $16 billion listing in 2012 as the largest-ever technology IPO. Photo: Reuters

New York/Hong Kong: Alibaba Group Holding Ltd has received enough orders for its record-breaking initial public offering (IPO) to cover the entire deal within just two days of its launch, people familiar with the IPO process said on Wednesday.

There was no indication as to where most of that demand was in the $60-$66 per share indicative range for the IPO, said the people, who couldn’t be named because details of the offering demand aren’t yet public.

Alibaba, a Chinese e-commerce titan, didn’t immediately return a request by Reuters for comment.

At the top end of expectations, the Alibaba IPO would raise $21.1 billion, topping Facebook Inc.’s $16 billion listing in 2012 as the largest-ever technology IPO.

Alibaba, could set a new record for the world’s biggest IPO if underwriters exercise an option to sell additional shares to meet demand—putting it as high as $24.3 billion, and overtaking Agricultural Bank of China Ltd.’s $22.1 billion listing in 2010. Reuters

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