The Hong Kong Stock Exchange has finally seen the largest IPO of the year so far, and it is one for which people have been waiting a long time.
Alibaba's shares debuted in Hong Kong on Tuesday. They traded up as much as 7.6% before closing the day 6.6% higher.
The Chinese internet giant raised HK$87.5 billion $11.2 billion at HK$176 per share. An oversubscription rate of 42 times for the retail tranche meant that allotment for retail investors was increased to 10% of the share capital from an original 2.5%.
HKEX is probably even happier than Alibaba today. “We...
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