Logo
Friday, 29 March 2024
Wednesday, 20 Nov 2019 10:00 am

Alibaba shares closed in New York on Tuesday at $185.25

Alibaba will raise up to $12.9 billion in Hong Kong listing

newsImage
 

Chinese e-commerce giant Alibaba (BABA.N) will raise up to $12.9 billion (£9.98 billion) in its Hong Kong secondary listing, pricing its shares at a 2.8% discount to their last closing price in New York, two sources with direct knowledge of the matter said.

The company has given guidance to prospective institutional investors that its shares will price at HK$176 each, the sources told Reuters.

The deal will raise HK$88 billion ($11.3 billion) before a so-called ‘greenshoe’ over-allotment option is exercised, which could take the total to $12.9 billion, according to the two people, who asked not to be named because the information has yet to be made public.

Alibaba had previously indicated it could raise up to $13.4 billion if the greenshoe option is exercised.

In Hong Kong dollar terms, the pricing is symbolic because 8 implies prosperity in Chinese culture.

Alibaba did not immediately respond to a Reuters request for comment.

The price for the retail component of the deal will be finalised in Hong Kong on Wednesday and sources said institutional investors were due to be told at the same time how much stock they will be allocated.

Alibaba shares closed in New York on Tuesday at $185.25, which was 0.35% higher for the session.

Read here


Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy