Jumbo IPO

Alibaba's Hong Kong IPO opens to investor stampede

Primary market demand is likely to be extremely strong. But will secondary market trading volumes strike the right liquidity balance between Hong Kong and New York?

One of the most closely watched, eagerly anticipated and largest initial public offerings in Hong Kong’s history kicked off on Wednesday after Alibaba opened the institutional order book for its secondary market listing.

The indicative $13.4 billion deal post greenshoe is on course to become the Territory largest-ever corporate IPO and world’s largest secondary market listing in a new jurisdiction.

This is a jumbo that has had a much longer gestation period than its animal namesake and even the company itself anticipated when it first contemplated accessing the public equity markets five years ago. Alibaba officials said as much during a global conference call with institutional investors...

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