Alibaba Group Holding Ltd (NYSE:BABA) is all set to start trading today at NYSE and U.S. Investors got the maximum shares, as per Wall Street Journal’s report. Alibaba has maintained its initial target price of $68 for the shares.
At the current price, Alibaba Group Holding Ltd (NYSE:BABA) is valued at $168 billion which keeps it somewhere in between Amazon.com, Inc. (NASDAQ:AMZN) and Facebook Inc (NASDAQ:FB). The current market valuations makes Alibaba Group Holding Ltd (NYSE:BABA) one of the 40 biggest globally public companies, as per S&P Capital IQ.
Earlier, according to a report published by Wall Street Journal, nearly 1,700 investors called in for the shares of Alibaba but half of them didn’t get any stocks at all. The U.S. investors bagged majority of the stocks and nearly half of the stocks offered at the IPO are sold to 25 investment firms. Confirmation calls to the investors started 7.30am in the morning before the IPO.
According to a latest CNBC report by Bob Pisani from NYSE, it is likely that the order book for Alibaba Group Holding Ltd (NYSE:BABA) would open somewhere in between $80 to $83 and as many as 30 million shares are available in the initial volume. Jim Stewart said that the e-commerce retailer might get a 15% pop on its target price, which makes it the perfect IPO and the credit goes to Jack Ma, Founder of Alibaba Group Holding Ltd (NYSE:BABA).
Thomas Farley, President of NYSE, said that the exchange is confident about the IPO and ensured that all the measures to deal with any kind of issues are in place. Farley said,
“In the case of Alibaba, with the sheer size and magnitude, we did some particular tests. We did three big tests including two industry tests on a weekend. We included our broker-dealers, customers. All of them went well. I think we’re ready to go.”
This article has been written and edited by Prakash Pandey.