W***n
发帖数: 11530 | 1 Alibaba Seeks $21.1 Billion in IPO of E-Commerce Giant
By Leslie Picker Sep 5, 2014 3:11 PM CT
The monitoring room at Alibaba.com Ltd.'s headquarters in Hangzhou, Zhejiang
Province,... Read More
Alibaba Group Holding Ltd. is seeking to raise as much as $21.1 billion in
its initial public offering, in what could be the largest sale of new stock
in the U.S. ever.
The Chinese company and shareholders including Yahoo! Inc. plan to sell 320.
1 million American depositary shares for $60 to $66 apiece, according to a
regulatory filing today. At the high end of that range, the offering would
surpass Visa Inc.’s $19.7 billion IPO in March 2008 and give the company a
market value of $162.7 billion.
Alibaba’s executives are now able to meet fund managers to build demand for
the IPO and they plan to begin the roadshow in New York next week, people
with knowledge of the matter have said. The Hangzhou-based company has
garnered years of attention for its scale -- with 279 million active buyers
in the year through June -- and its exposure to a growing Internet consumer
base in China.
The final size of the offering will be determined after the presentations to
potential investors. Alibaba currently plans to set a price for the shares
on Sept. 18, with trading to start the next day, people have said.
Alibaba provides various marketplaces for buyers and sellers as well as
services that help them conduct their businesses. Taobao Marketplace,
started in 2003, enables millions of individuals and small businesses to
sell products, while Tmall.com provides a virtual shopping mall, with
retailers and brands offering products, and Juhuasuan operates a flash-sales
model.
Governance Structure
Those three sites accounted for 82 percent of Alibaba’s sales in the year
through March. The company posted revenue of $8.46 billion for the period,
with $3.76 billion in net income.
China's E-Commerce Giant
In the company’s first quarter, profit surged as advertisers boosted
spending on the Tmall and Taobao platforms. Net income almost tripled to $1.
99 billion, or 84 cents a share, in the three months ended June 30, helped
by a $1 billion gain on the revaluation of larger stakes acquired in UCWeb
Inc. and OneTouch.
Alibaba filed to to go public in May, choosing the U.S. as its venue after
Hong Kong regulators rejected its proposed governance structure. Alibaba is
governed by a partnership of 27 insiders, including co-founders Jack Ma and
and Joseph Tsai, who will have the ability to nominate a majority of the
board.
Yahoo’s valuation is partially pinned on its 22.4 percent stake in Alibaba,
as investors speculate that the Sunnyvale, California-based company could
use proceeds from the IPO for large acquisitions. In July, the company said
it planned to keep a bigger stake in Alibaba than it originally projected,
and would return at least half of the cash it raises to shareholders. Japan
’s SoftBank Corp. owns a 34 percent stake of Alibaba, filings show.
Alibaba chose the New York Stock Exchange as a listing destination in June,
and will trade under the symbol BABA.
Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan
Chase & Co., Morgan Stanley and Citigroup Inc. are managing the offering.
Simpson Thacher & Bartlett LLP and Sullivan & Cromwell LLP are providing
legal advice. | W***n
发帖数: 11530 | 2 Yahoo & jap SoftBank own 55.4% of Alibaba!
Boycott this pig! |
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