Alibaba gets over-allotment approval, raises extra $1.68bn
The company has received approval to list 75-million over-allotment shares at HK$176 a share
Bengaluru — Chinese e-commerce giant Alibaba said on Tuesday that it has raised an additional HK$13.17bn ($1.68bn) by exercising the over-allotment option in its Hong Kong secondary listing.
The company has received approval to list 75-million over-allotment shares at HK$176 a share, the same price it offered under its secondary listing, it said in a filing to the Hong Kong stock exchange.
The listing and dealing of the shares on the exchange will begin on December 6, the company said. On November 20, Alibaba raised up to $12.9bn in a landmark listing in Hong Kong, the largest share sale in the city in nine years and a world record for a cross-border secondary share sale.
In their first session of trade on November 26, Alibaba’s Hong Kong shares closed up 6.6% higher from the issue price in heavy trading.
As of Tuesday’s closing price, the stock has climbed nearly 3% since its debut.