Alibaba Group initial public offering now ranks as the world’s biggest in history at $25 billion, after the e-commerce giant and some of its shareholders sold additional shares.
Overwhelming demand saw the IPO initially raise $21.8 billion and then send Alibaba’s stock surging 38 per cent in its debut on Friday. That prompted underwriters to exercise an option to sell an additional 48 million shares, it is understood.
The IPO surpassed the previous global record set by Agricultural Bank of China Ltd in 2010 when the bank raised $22.1 billion.
Under the option, Alibaba agreed to sell 26.1 million additional shares and Yahoo Inc 18.3 million, netting the two companies an extra $1.8 billion and $1.2 billion respectively.
Read more at Irish Times.