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Technology and the Internet

Alibaba IPO becomes world’s largest ever

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Chinese online retail giant Alibaba CEO Jack Ma, center, arrives at the New York Stock Exchange. Alibaba was poised for a record-breaking stock market debut Friday, with shares priced at $68 in a public offering that could be valued at $25 billion.  (JEWEL SAMAD / AFP/Getty Images)
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Jack Ma, center, the founder and executive chairman of Alibaba, rings a ceremonial bell on the floor of the New York Stock Exchange during the first trading of shares in the Chinese company’s initial public offering in New York.  (JUSTIN LANE / EPA)
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Arthur Jiang of Beijing poses for a photograph in front of the New York Stock Exchange on the day of Alibaba’s initial public offering.

  (Jason DeCrow / Associated Press)
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A Chinese flag, center, waves over a banner for Alibaba on the New York Stock Exchange.  (Mark Lennihan / Associated Press)
By Paresh Dave
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Alibaba Holding Group’s IPO officially became the world’s largest ever on Monday.

Underwriters who helped make the Chinese e-commerce network a public company exercised an option to sell off some extra shares, bringing the total haul from the IPO to $25.03 billion, from $21.8 billion.

The sum surpasses the $22.1 billion raised by Agricultural Bank of China when it listed on the Hong Kong Stock Exchange in 2010.

The additional sell-off pumps up the windfall for Alibaba founder Jack Ma and nudges Yahoo’s haul past $6 billion after taxes.

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About 48 million extra shares were sold at the $68 price offered to large investors before the listing debut, Alibaba said in a statement. When shares started publicly trading on the New York Stock Exchange on Friday, the price leaped 38%.

On Monday, Alibaba shares were down 4.26% to $89.89 as the broader S&P 500 Index slumped about 0.8%.

Chat with me on Twitter @peard33


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Technology and the Internet
Paresh Dave

Paresh Dave was a Los Angeles-based tech reporter for the Los Angeles Times from May 2013 to September 2017. He focused on business issues surrounding local tech companies, the digital media industry, e-sports and video games and occasionally cybersecurity. Dave previously covered the criminal courts system, national tragedies and sports business. He graduated from the University of Southern California and grew up in San Diego.

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