WASHINGTON, September 18, 2014 − Several sources confirm that Alibaba has officially priced its IPO shares at $68 per share, at the high end of its final, expected range.
Likely to be if not already a major competitor with world-wide e-commerce sites like Amazon.com, Alibaba (new symbol BABA) essentially rules Chinese markets and has already begun an aggressive expansion into other countries like Brazil.
The IPO is one of the largest in history. Shares will begin trading tomorrow, Friday, on the New York Stock Exchange in the U.S. It is uncertain, however, when the new shares will open for trading.
Market action Fridayin the stock is likely to be fast and furious, as, in a rather unusual move, some Alibaba insiders will be able to sell their shares in the market which could dampen any “pop” that might be expected in the stock.
Also potentially weighing on tomorrow’s markets: September options expiration plus the highly uncertain outcome of Scotland’s independence vote, where results may not be reported until later this evening, U.S. time, or perhaps early Friday morning.
Tune back in to market action right here on CDN for more news on tomorrow’s trading action as it happens.Click here for reuse options!
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