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| Alibaba Executive Chairman and Founder Jack Ma |
The stock of China-based Alibaba Group Holdings Ltd. has started trading on the New York Stock Exchange with an opening price of $92.70 per share, which translates to a market capitalization of of $168 billion. In comparison, Amazon.com's capitalization is $150 billion, and Citigroup has a market cap of $163 billion.
The IPO was priced yesterday at $68 per share, raising $28 billion. The IPO is the biggest ever in the U.S., outpacing Visa's $19.7 billion initial stock sale in 2008, and General Motor's $18.1 billion IPO in 2010.
Hangzhou-based Alibaba is an internet-based e-commerce businesses including B2B, online web portals, online retail and payment services, a shopping search engine and data-centric cloud computing services. In 2012, two of Alibaba’s portals together handled 1.1 trillion yuan ($170 billion) in sales, more than competitors eBay and Amazon.com combined.
Scott Cutler, head of global listings for NYSE, says the Alibaba green shoe will be exercised..
-RW
the casino is bubbly all over. break out the champaign.
ReplyDeleteAlibaba IPO and the 40 Thieves
ReplyDeletePublished on Sep 19, 2014
Wall Street says open Sesame during a highly orchestrated show of theater and money is magically handed to them without a single machine tool having to be built in the process either not or in the future. In old days markets were used to raise money to build things and today it can be used as a way for folks to extract money for personal use without having to build anything new. Everyone in collusion has his hand out for a payoff on this one from Wall Street to Chinese officialdom (which was not mentioned for brevity). It is enough to say that no value was created in the process of this IPO other than to enrich a few in a rigged game of theater.
http://youtu.be/_iifmI8pQQE