Alibaba Group Holding Ltd (BABA)

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NYSE Says Alibaba to Get All the Time It Needs at Opening

The clock won’t be ticking on Alibaba Group Holding Ltd. as market makers work to arrange its first trade on the New York Stock Exchange.

“Whether it’s 15 minutes to get to that solution or an hour and 15 minutes, we don’t really care,” David Ethridge, the senior vice president at NYSE Group Inc. who heads its initial public offering unit, said in an interview. “We’re going to be very supportive to the underwriting teams, the designated market maker and all the other market participants in making sure we give them the kind of launch they want.”

When a company goes public, its bankers must first sell shares to an initial group of investors. Once the stock has been distributed, the listing exchange holds an auction to establish the first public price. At NYSE, the process is managed by human traders in the exchange’s Manhattan headquarters. For Nasdaq, the other corporate listing exchange in the U.S., the auction is run by software.

More:
http://www.bloomberg.com/news/2014-09-17/nyse-says-alibaba-to-get-all-the-time-it-needs-at-opening.html