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Alibaba Group raises $21.8b in record US IPO

Bloomberg
Alibaba Group Holding Ltd, the e-commerce company that started in 1999 with $60,000 cobbled together by Jack Ma, cemented its status as a symbol of China's economic emergence by raising $21.8 billion in a US initial public offering.
The company and shareholders including Yahoo! Inc sold 320.1 million shares for $68 each, according to a statement, after offering them for $66 to $68. The sale - which values Alibaba at $167.6 billion - is already the largest by any company in the US and has the potential to break the global record if additional shares are sold to underwriters.
Ma, a former English teacher who started the company in his Hangzhou apartment, drew crowds of money managers to meetings held around the world as the company pitched itself to investors. Alibaba profited from China's burgeoning consumer class by
dominating the e-commerce industry in the country of 1.36 billion people.
At recent meetings, Alibaba's founder focused on the company's ambitions outside of both the e-commerce field and its home base, describing it as an "Internet company that happens to be from China.”
Alibaba's ability to close a deal of this size is also owed to an almost nonstop rally in shares in the US — where about $15 trillion has been added to the value of equities amid three rounds of monetary stimulus from the Federal Reserve, an expanding economy and record profits.
MARKET TIMING
"They want to get in now before the market is no longer excited," said Kevin Headland, director of the portfolio advisory group at Manulife Asset Management Ltd in Toronto.
Headland, whose firm manages $281 billion, plans not to invest in the shares right away.
"It's prudent to sit back and evaluate a company instead of getting caught up in the excitement," he said.
The IPO - anticipated for years -hasn't been achieved without setbacks for Alibaba. The company would have preferred to debut in Hong Kong, though listing rules in the city don't allow its governance structure.
A small group of insiders at Alibaba control the company's board, the kind of arrangement that's permitted in the US, where founders of technology companies often maintain control through dual-class shareholdings.
Japan's SoftBank Corp, Alibaba's largest shareholder, didn't plan to sell shares and will have a 32.4 percent stake after the offering, according to the prospectus.