Alibaba's Open a Big Gain for a Mega-IPO -- Market Talk
DOW JONES & COMPANY, INC. 11:56 AM ET 09/19/14
Symbol Last Price Change
BABA 96.78 +28.78 (+42.32%)
QUOTES AS OF 11:56:41 AM ET 09/19/2014
11:56 EDT - Alibaba(BABA) jumps out of the gate, opening at $92.70, up 36% from its IPO offer price. That's far above the 9% average gain for IPOs raising more than $10B, according to Dealogic. BABA raised $21.8B, a figure which could increase to $25B if underwriters sell additional shares, which would mark the biggest IPO ever. (It's already the biggest in the US, topping Visa's (V) $19.7B IPO in 2008.) The roster of buyers in BABA's IPO was particularly concentrated, WSJ reports, meaning some who got snubbed may be looking to buy on the open market. Shares are currently above $96.(matthew.jarzemsky@wsj.com)
(END) Dow Jones Newswires
09-19-141156ET
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