Alibaba Boosts Prospective IPO Price Range To $66 To $68 Per Share
Alibaba Group Holding Ltd. (NYSE: BABA) boosted the price range of its pending initial public offering to $66 to $68, from its previous target of $60 to $66 per share.
News of the higher price range came Monday in an amended filing with the Securities and Exchange Commission.
The company expects to offer about 123.1 million shares, while other selling shareholders will offer about 197 million shares for a total of 320.1 million shares.
Earlier reports suggested the company would raise the high end of its price range to $70 and boost the number of shares in the offering, which is expected to launch September 19.
Yahoo! Inc. (NASDAQ: YHOO), which holds a 22-percent stake in Alibaba and expects to sell 140 million shares in the IPO, was up 0.2 percent in after-hours trading at $42.55 per share.
Alibaba, in the midst of a 10-day road show to hype its stock with investors, plans to stop taking orders for the IPO September 16 because of strong interest.
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