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Alibaba will raise up to $12.9 billion in Hong Kong listing: Sources

The company has given guidance to prospective institutional investors that its shares will price at HK$176 each, the sources told Reuters.

November 20, 2019 / 08:01 AM IST
Alibaba

Alibaba

Chinese e-commerce giant Alibaba will raise up to $12.9 billion (£9.98 billion) in its Hong Kong secondary listing, pricing its shares at a 2.8% discount to their last closing price in New York, two sources with direct knowledge of the matter said.

The company has given guidance to prospective institutional investors that its shares will price at HK$176 each, the sources told Reuters.

The deal will raise HK$88 billion ($11.3 billion) before a so-called 'greenshoe' over-allotment option is exercised, which could take the total to $12.9 billion, according to the two people, who asked not to be named because the information has yet to be made public.

Alibaba had previously indicated it could raise up to $13.4 billion if the greenshoe option is exercised.