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    Ali IPO Forensic Fee History Fourth

    2014/9/9 14:26:00 11

    AliIPOLegal Fees.

      

    huge

    Underwriting group

    Surface

    Previously announced

    Prospectus

    Alibaba has designated Credit Suisse, Morgan Stanley, JP Morgan, Deutsche Bank, Goldman Sachs and Citigroup as its main underwriters.

    The updated prospectus shows that 14 companies, including Bank of China, CICC, CLSA, DBS bank, HSBC, Ruihui bank, Pacific Crest, Royal Bank of Canada, American investment bank Steve (Stifel), Wells Fargo Bank, Paris Bank of France, partner Evercore of American investment bank, Raymond James, and American sun trust Robinson h. f (SunTrust Robinson Humphrey), have joined the underwriting plan.

    From the list alone, the Alibaba's IPO basically includes a number of international first-line investment banks, which are internationally renowned.

    It is undeniable that such a strong underwriting group also makes this promise to be the most massive paction in IPO history.

    Earlier, the outside world had high hopes for the financing scale of Alibaba IPO, which is widely believed to exceed $20 billion.

    And repeatedly raising the price range, Alibaba's financing scale also rose and rose again.

    Incomplete information shows that in June 30th, Alibaba's pricing range remained between 40 and 56 dollars, but Alibaba made two changes, and the first time it increased the price range directly to 56 to 59 dollars.

    The second time, though the rate of increase was not the first time, it was continuously upgraded in a short time. This also shows that investment banks are optimistic about the market outlook of Alibaba.

    The prospectus shows that the Alibaba will issue about 123 million shares of American Depositary Shares (ADS) in the new IPO, and shareholders will offer about 197 million shares, with a price range of $60~66.

    The total share capital of Alibaba will rise to about 2 billion 571 million shares after the issuance.

    At the same time, the updated prospectus also underlined the oversubscribed rights of the underwriting group.

    According to the prospectus, after the agreement was reached, the Alibaba decided to grant the oversubscribed 48 million 15 thousand and 900 shares ADS of the underwriting group. That is to say, if all goes well, the Alibaba will sell a total of 368 million shares of ADS to the highest price of 66 US dollars, and the maximum scale of the financing will be nearly $24 billion 300 million.

    At the same time, according to the updated pricing range of the prospectus, Alibaba's valuation rose to 154 billion 200 million to 169 billion 800 million dollars, which made Alibaba the third largest Internet Co after Google and Facebook.

    But one thing to note is that the price of Twitter and Facebook IPO exceeded their previous pricing range.

    Therefore, for Alibaba, the scale of the financing and the valuation of the company still have the possibility of further enlargement.

      

    court costs

    History fourth

    A number of previous articles have discussed the possible profitability of Alibaba underwriters, but Alibaba did not quantify the oversubscribed rights in the prospectus. Today, the oversubscription of the 48 million 15 thousand and 900 shares of ADS also increases the potential returns of underwriters, and changes in the size of the financing. This underwriter's profitability is also expected to be in the history.

    But in the prospectus, the other side of the cost is equally noticeable.

    The prospectus shows that the Alibaba will pay $15 million 800 thousand in legal advisory fees to Simpson Thacher and other law firms providing consulting services for IPO, which is 6 times the amount of IPO Facebook two years ago.

    Facebook the expenditure on IPO legal consultancy fee in 2012 was $2 million 600 thousand.

    The document also shows that in addition to Sheng Xin law firm, Alibaba China legal adviser Fangda law firm and Cayman Islands legal adviser Maples and Calder will also participate in the division of Alibaba legal advisory fees.

    In the past 10 years, the number of Alibaba legal advisory fees ranked IPO fourth in the United States, according to data from IPO Vital Signs.

    Analysts say Alibaba's corporate structure is complex, which has led to an increase in legal fees.

    According to the information, Alibaba has made 6 revisions to the prospectus since the Alibaba formally submitted the prospectus to the US Securities and Exchange Commission (SEC) in May 6, 2014.

    However, the analysts also said that although the revised Prospectus has been revised many times, the cost is still worth it, because each modification makes the Alibaba develop in a favorable direction.

    The so-called favorable direction, that is, the recent release of Alibaba's second quarter results, undoubtedly boosted investor confidence.

    At the same time, after YAHOO lowered the desire to sell the shares and the relationship between Alibaba and small and micro finance, it made Alibaba's valuation level further improve.

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