Home ECONOMY Alibaba raises $25 bn in history’s biggest IPO

Alibaba raises $25 bn in history’s biggest IPO

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New York, Sep 22 :

Chinese e-commerce giant Alibaba collected $25 billion in the largest initial public offering ever after underwriters exercised an option to purchase additional shares, the company said Monday.Alibaba_Logo

The banks handling the IPO — Citigroup Inc, Credit Suisse Group AG, Deutsche Bank, Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley — together bought some 48 million additional shares, which raised the total from $21.8 billion to almost $25 billion.

Last Friday’s IPO on the New York Stock Exchange overtook the $22.1 billion Agricultural Bank of China raised when it debuted in 2010 on the Shanghai and Hong Kong exchanges.

Alibaba’s launch was already Wall Street’s biggest ever, surpassing the $19.7 billion Visa IPO of 2010 and the $16 billion Facebook offering of two years ago.

(IANS/EFE)