Anthony Hughes is senior reporter, equities, for IFR where he covers developments in US equity capital markets. He previously worked as a financial reporter and columnist for the Australian Financial Review and, prior to that, as investment editor at the Sydney Morning Herald.
A conservative valuation stance and a partly superstitious approach to pricing, even in the face of overwhelming demand, ensured the long-awaited US$21.8bn NYSE IPO of Alibaba Group was a mostly seamless exercise last week.
Medley Management, with US$3.3bn under management as at June 30, is hoping its fast growth and permanent capital focus will attract a premium valuation when it prices its US$132m NYSE IPO later this week.
Alibaba Group priced its mammoth US$21.8bn IPO at US$68 per American Depositary Share (ADS), the top of the revised marketing range, underwriting sources confirmed.