” Chinese e-commerce giant Alibaba Group Holding Ltd. is set to sell some $22 billion of shares on Thursday, capping a two-week road show that drew frenzied interest from investors worldwide and may be the world’s largest ever initial public offering.
The shares are expected to be priced after the markets close at 4 p.m. Thursday and start trading on the New York Stock Exchange on Friday under the ticker “BABA.”
Investors, keen to buy into China’s rapid growth and evolving Internet sector, have been clamoring to get shares since top executives at Alibaba, including co-founder and executive chairman Jack Ma, kicked off the road show last week.
Alibaba, which handles more transactions than Amazon.com Inc. and eBay Inc. combined, boosted the IPO price range to between $66 and $68 a share due to the strong demand.
At the top end of that range, the IPO would raise almost $22 billion, but if underwriters exercise an option to sell more shares, Alibaba’s market debut will top Agricultural Bank of China Ltd.’s record $22.1 billion listing in 2010.”