Chinese e-commerce giant Alibaba Group will raise up to $12.9 billion from its l...
) will raise up to $12.9 billion from its landmark Hong Kong listing and is set to price its shares at a 2.8% discount to their New York close, sources with direct knowledge of the matter said.
Alibaba is due to officially price the deal later on Wednesday but three sources said investors had been told HK$176 was likely to be the end number. “I was expecting it to be done at around 4%-5% so this is about right,” Sumeet Singh, head of research at Aequitas and who publishes on research website SmartKarma, said.
A deal at the top of Aramco’s price range would raise $25.6 billion and value the company at $1.7 trillion - short of the $2 trillion it had originally sought.Hong Kong’s army of small investors have welcomed the Alibaba deal, subscribing for so many shares they will be allotted the maximum 10% of the deal they could have got, three sources said.
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