Alibaba Group Values IPO At Up To $162.7 Billion
Alibaba Group Holding Ltd. priced its initial public offering at up to $66 per share, valuing itself at up to $162.7 billion.
In a filing Friday with the Securities and Exchange Commission, the company said it will sell 368.1 million shares.
Selling shareholders besides the company include Softbank Corp (USA) (OTC: SFTBF), which will sell a 32.4 percent stake in the Alibaba and Yahoo! Inc. (NASDAQ: YHOO), which will sell a 16.3 percent stake. Chief Executive Jack Ma Yun will sell a 7.8 percent stake and Fengmao Investment Corp. will sell 2.1 percent.
Alibaba is expected to begin a 10-day road show in New York Monday and launch its IPO September 18.
Yahoo traded after hours at $39.76, up 0.43 percent.
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