Alibaba, the ecommerce company that helped transform both retailing and finance in China, has priced its initial public offering at $68 per share, the top end of a range it agreed days ago.
The pricing means the ecommerce company started 15 years ago by a former teacher in a one-bedroom Hangzhou apartment will raise $21.8bn, making its New York Stock Exchange debut one of the world’s largest listings and breaking the record for a technology IPO.
If it exercises an overallotment option, it could raise as much as $25bn to claim the record for largest listing ever, currently held by the Agricultural Bank of China, which raised $22bn in 2010.
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