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Alibaba (BABA) IPO Lights Up Wall Street

September 19, 2014 11:53 AM EDT

Today's IPO for Alibaba (NYSE: BABA) opened for trading at $92.70 after pricing 320,106,100 American depositary shares (ADSs) at $68 per ADS for a total offering size of approximately US$21.77 billion. The pricing was at the top end of the recently raised $66-$68 range.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc and Citigroup Global Markets Inc. are serving as joint book runners for the offering.

The company is expected to have 2,465,005,966 shares outstanding following the offering, giving the company a market cap of $228.5 billion. This compares to market caps of ~$65 billion for eBay (NASDAQ: EBAY), ~$150 billion for Amazon (NASDAQ: AMZN), ~$200 billion for Facebook (NASDAQ: FB) and ~$400 billion for Google (NASDAQ: GOOG).

Financial Summary:

GMV generated on our China retail marketplaces increased by 55.8% from RMB1,077 billion in fiscal year 2013 to RMB1,678 billion (US$270 billion) in fiscal year 2014. Our total revenue increased by 52.1% from RMB34,517 million in fiscal year 2013 to RMB52,504 million (US$8,463 million) in fiscal year 2014. Our total revenue increased by 46.3% from RMB10,778 million in the three months ended June 30, 2013 to RMB15,771 million (US$2,542 million) in the same period in 2014. We do not allocate revenue among each of our China retail marketplaces. Our net income increased by 170.6% from RMB8,649 million in fiscal year 2013 to RMB23,403 million (US$3,772 million) in fiscal year 2014. Our net income increased by 179.6% from RMB4,448 million in the three months ended June 30, 2013 to RMB12,438 million (US$2,005 million) in the same period in 2014. For the three months ended June 30, 2014, our net income included a net gain of RMB6,251 million (US$1,008 million) from step-up acquisitions arising from revaluations of previously held equity interest.



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