Alibaba IPO: Ecommerce firm may have already covered record-breaking listing

 
Joe Hall
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Alibaba founder Jack Ma (Source: Getty)
Alibaba has already covered its record-breaking $21bn initial public offering, according to reports.
The IPO launched on Monday and its investor roadshow has already hit New York and Boston, with founder Jack Ma explaining the company's business model and assuaging concerns over its corporate governance.
And it appears the 49-year-old has been successful, with Reuters reporting that the e-commerce firm has already received enough orders for its entire IPO which is made up of 320.1m shares priced at between $60 and $66 each.
In a filing posted to the US Securities and Exchange commission posted last week, Ma stressed that investors would need to embrace his long-term vision rather than expecting short-term gains. He insisted that Alibaba "will not make decisions based on short-term revenues or profits. Our strategies will be implemented with mission-driven, long-term development in mind."
"We welcome investors with the same long-term mindset."
Alibaba is hoping to raise between $21bn and $24.3bn from its IPO, meaning it could beat the record set by the Agricultural Bank of China's $22.1bn listing on the Shanghai market in 2010.
The company, which boasts of 279 million buyers making 14.5 billion orders per year on its various online retail platforms, would be valued at $163bn should it reach its target.

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