Alibaba to raise HKD 88 - 108 bln in HKEx, Nov 26 starts trading
Nov 21, 2019 (China Knowledge) - Yesterday Alibaba (BABA) announced it will set its IPO price at HKEx for HKD 176 per share, with 500 mln shares allocated to raise approximately HKD 88 bln. The funds will be used to drive user growth and participation, help enterprises realize digital upgrading, improve its operation efficiency and continue innovation.
Its stock code registered at HKEx’s main board is 9988, and will start trading on Nov 26, 2019.
Just a week ago on Nov 13, Alibaba submitted a prospectus and go public listing on the HKEx’s Main Board. Since then, it has concurrently to go global roadshow to promote the shares sales.
According to the prospectus, 12.5 mln shares will be offered in HK, and 487.5 mln shares for international investors at offer price of HKD 188 per share. If oversubscription exceeds 75 mln shares, the additional shares will be offer at highest selling price which could lead to HKD 108.1 bln fund raised.
Despite the political turmoil in HK, Alibaba continues to go ahead with the public offering on HKEx which displays its confidence and support of HK's status as a Special Administrative Region (SAR). The listing is also likely to boost earnings on the HKEx, which recently saw its biggest drop in profits in three years.
After yesterday’s closing of the offering it immediately announced Alibaba’s plan to launch its shares’ futures and options as soon as Nov 26.
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