Alibaba raises $25 bn in history's biggest IPO
Features Monday, September 22, 2014 - 05:30
The News Minute | September 22, 2014 | 11:43pm IST
New York : 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.
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
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