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Alibaba to raise up to USD 24.3 billion in IPO

2014-09-08 09:29:00| Telecompaper Headlines

(Telecompaper) Alibaba has amended its IPO filing in the US to raise up to USD 24.3 billion. The Chinese company will sell up to 368 million shares at USD 60-66 each, according to the latest filing with the SEC. In addition to 123.1 million new American Depositary Shares, its existing shareholders Yahoo, executive chairman Jack Ma and executive vice chairman Joe Tsai will together sell 197.0 million ADS. The underwriters will have the option to sell another 48.0 million ADS if demand warrants. Yahoo is expected to reduce its stake in Alibaba to 16.3 percent from 22.4, and Softbank's stake will dilute to 32.4 percent from 34.1. Ma, also the founder of the company, will still hold 7.8 percent of the company after the offering. 

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