Friday, September 19, 2014

The IPO easily eclipsed

The IPO easily eclipsed the $16 billion Facebook raised in 2012, the most for a technology IPO. If all of its underwriters' options are exercised, it would also top the all-time IPO fundraising record of $22.1 billion set by the Agricultural Bank of China Ltd. in 2010. Gartner analyst Andrew Frank said Alibaba's success shows that Chinese Internet companies are beginning to challenge Silicon Valley. "It's not the first Chinese company we've seen in the Internet space, but it's certainly the biggest one that seems to be resonating," he said. "It's a symbol that the Internet dreams of wealth and power are not just limited to a few small cities in the West Coast in the U.S."
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