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Alibaba gets strong demand for IPO - sources

Reuters Videos
Updated

On Monday (November 11) it notched sales of 38 billion dollars in its latest Singles' Day shopping fest.

Now Alibaba looks certain to shift 13.4 billion dollars of shares in its upcoming IPO.

Sources have told Reuters that order books for the sale have been covered many times over.

The e-commerce giant plans to list in Hong Kong on November 26.

It's currently marketing the deal to investors around the world. .

Sources say an earlier attempt at an IPO was abandoned due to the city's political unrest.

This time Alibaba looks certain to press ahead.

Not coincidentally, perhaps, the offering will be fully automated and paperless.

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That avoids the potential publicity nightmare of investors queuing to submit applications as protests rage around them.

The share sale will be Hong Kong's biggest this year.

Pricing for the shares will be announced on November 20th.