HNIs, domestic funds eye a slice of Alibaba mega IPO

Indian high-networth individuals and domestic funds are eyeing for a slice of the much-touted mega IPO of Chinese e-commerce giant Alibaba, says a PTI report.
HNIs, domestic funds eye a slice of Alibaba mega IPO

Indian high-networth individuals and domestic funds are eyeing for a slice of the much-touted mega IPO of Chinese e-commerce giant Alibaba, which is looking to raise an eye-popping $21.1 billion, says a PTI report.

Alibaba, founded by Chinese entrepreneur Jack Ma, has garnered huge investor interest and appears set to exceed Visa Inc's $19.7 billion IPO in 2008, the biggest US initial offering to date.

The report further states that HNIs and fund managers in India, have sounded out homegrown brokers to place orders with foreign financial partners to enable transactions when the IPO opens which could be as soon as next week.

Alibaba and shareholders are offering over 32 crore American depositary shares, valuing the company at more than $160 billion. While, US underwriters for a big issue give priority to large clients, many HNIs and funds are making all efforts to get some shares in the IPO.

The highly anticipated IPO of Alibaba, is seeing robust global interest in line with Facebook Inc's IPO -- the biggest tech public offering so far. Besides, Alibaba stock will be listed on the New York Stock Exchange under the symbol BABA. With most big IPOs seeing a decent pop on debut, investors are keen on getting some shares of Alibaba even if at higher end of price band ($66/share).

Indian investors can invest in Alibaba IPO via overseas trading accounts and some brokerages offer the facility to invest in various stocks that are traded on US exchanges, added market sources.

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