Alibaba Group Holding Ltd. closes its order books earlier than planned for itslong-expected secondary offering in Hong Kong, reported Caixin.
The move reflects strong demand from investors for the offering nearly five years after the Chinese e-commerce giant’s New York debut. Alibaba is already one of the world’s most valuable companies, with a market capitalization of nearly $500 billion.
Alibaba stopped taking orders from institutional investors for its planned $13.4 billion listing in Hong Kong by noon Tuesday Eastern Standard Time, half a day earlier than originally planned after a multi-fold over-subscription, said Caixin sources.
A person close to the deal said the offering tranche designated for retail investors was four times oversubscribed while the part for institutional investors also received better-than-average subscription.