Alibaba Group Holding Ltd. (NYSE: BABA) is set for its initial public offering (IPO) Friday. 24/7 will keep you updated throughout the day on all the moves that this company is making in its IPO (see updates below).
Currently the stock is pricing at $68 a share and is being sold by Alibaba and Yahoo! Inc. (NASDAQ: YHOO). The total amount being raised in the United States is $21.8 billion, making it the largest U.S. IPO to date, beating out Visa’s record of $17.9 billion.
This is the third largest IPO of all time based on the money raised so far, following the likes of Agricultural Bank of China listings in 2006 and 2010. From this offering alone, the market cap of $167.62 billion will surpass American companies such as Disney, Amazon and Boeing. Initially Alibaba was given a consensus price target of $87.50.
Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citigroup are the joint bookrunners. The stock trades on the New York Stock Exchange under the ticker symbol BABA.
CNBC reports that the stock will start trading sometime after the market opens.
ALSO READ: 6 Stocks Portfolio Managers Are Selling to Fund New Alibaba Stakes
12:50 p.m.: Alibaba has dropped from the previous level and is holding consistent just above $90. The volume so far is roughly 170 million.
12:20 p.m.: The share price has been holding consistently in the $92 to $93 price range, and more than 135 million shares have moved within the first half hour.
12:02 p.m.: After nearly reaching $100, Alibaba is falling back below its entrance price of $94.17.
11:57 a.m.: The market cap has jumped from the initial $167 billion to $240 billion, and it is still climbing.
11:56 a.m.: The volume that has moved in just these opening moments is 75 million and still climbing.
11:55 a.m.: It entered at $94.17, well above its pricing at $68 — approximately 38%.
11:53 a.m.: The book is frozen and Alibaba is going public!
11:50 a.m.: New indication of $92.60 to $93. The narrowing of this range signals that we are getting even closer to Alibaba’s entrance.
11:47 a.m.: There are expected to be about 40 times the number of orders in the Alibaba IPO compared to the Twitter IPO.
11:45 a.m.: 46 million buyers and sellers are paired off with the indication between $92 to $93, although it is closer to $93 per share.
11:30 a.m.: New indication is slowing and is between $92 to $93 per share.
11:25 a.m.: New indication on Alibaba of $91 to $92 per share, with 35 million shares paired. Note that these indications have surpassed the price target already, and the stock has not yet entered the market.
10:55 a.m.: New indication of $87 to $89 price with 40 million shares up for sale. CNBC expects that Alibaba will enter the market in roughly 30 minutes.
10:22 a.m.: New indication of $82 to $85 for more than 30 million shares, then it really opens up above $90.
10:10 a.m.: The first indication of the Alibaba price was just given to be $80 to $83.
ALSO READ: Alibaba Was Not the Only IPO This Week
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