November 25 ( Xinhua) — The final offer price for the international and Hong Kong public offerings has been set at HK$176.00 per share, according to a statement released today by Alibaba, which will receive a net proceeds of the global offering of about HK$87,557 million.
If the excess allocation is known to be exercised, Ali will issue the excess equity after it has been exercised
75,000,000 shares received an additional net raise of approximately HK$13,166 million.
The announcement said it intends to use the net raised funds to facilitate the implementation of strategies that focus on driving user growth and increased engagement, enabling companies to achieve digital transformation, improving operational efficiency and continuing innovation.
According to the announcement, the initial available shares of the Hong Kong offering under the Hong Kong Public Offering were oversubscribed. A total of 215,598 valid applications under the Hong Kong Public Offering service through the White Form eIPO Service and the EIPO Service through the Central Clearing System have been subscribed for a total of 530,465,900 shares of Hong Kong Offerings, equivalent to 12 of the total number of shares initially available for subscription under the Hong Kong Public Offering, About 42.44 times the 500,000 shares.
Ali expects the shares to start trading on the Main Board of the Stock Exchange at 9 a.m. on Tuesday, November 26, 2019. Shares will be bought and sold in 100 shares per lot. The shares are codenamed 9988.