Market Overview

Alibaba Boosts Prospective IPO Price Range To $66 To $68 Per Share

Alibaba Boosts Prospective IPO Price Range To $66 To $68 Per Share
Related YHOO
A Deep Dive On The May IMX's Most Bought And Sold Stocks
IBM's Rethink On Remote Working — A Taste Of Things To Come?

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.

Related Link: The Alibaba IPO & Six Other New Issues For The Week Of September 15

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.

Posted-In: Alibaba GroupNews IPOs After-Hours Center Best of Benzinga


Related Articles (YHOO + BABA)

View Comments and Join the Discussion!