Alibaba IPO ranks as world's biggest after additional shares sold
Credit: Reuters/Lucas Jackson
Traders work on the floor as they wait for a final price on the Alibaba Group Holding Ltd. initial public offering (IPO) under the ticker ''BABA'', at the New York Stock Exchange in New York September 19, 2014.
The move comes after the stock surged 38 percent in its debut on Friday as investors jostled for a piece of the e-commerce company.
Alibaba and several shareholders initially sold 320.1 million American Depositary Shares in its offering, which priced at $68 each last week. Underwriters had the option to sell additional shares from Alibaba, Yahoo Inc (YHOO.O) and Alibaba co-founders Jack Ma and Joe Tsai, according to the IPO prospectus.
The source declined to be identified as the details of the additional sale have yet to be made official. Representatives for Alibaba in Hong Kong did not immediately respond to a request for comment on the sale of the additional shares.
(Reporting by Elzio Barreto; Editing by Denny Thomas and Edwina Gibbs)
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