Today’s the day that the Initial Public Offering for the Alibaba Group hits Wall Street, with the American Depository Receipts for the Chinese company listed on the New York Stock Exchange under the trading symbol BABA.
With the offering now priced at the top of its proposed range at $68 a share, it’s the biggest IPO in Wall Street history. The deal will bring in $21.8 billion in fresh capital for big internet company.
The BABA IPO is definitely something we need to keep an eye on as astro-traders.
Now I don’t know about you, but for me $21.8 billion is mighty close to a MEGO number – that stands for “My Eyes Glaze Over.”
I always feel fairly flush when I’ve got a few extra hundred-dollar bills in my pocket, and I’m always delighted when I can get Free Money by picking up a couple of pennies that have been abandoned on the sidewalk.
But $21,800,000,000.00 has an awful lot of zeros, and I have trouble visualizing that amount of money.
That’s why I decided to pile up a billion dollars in cash in my garage, just so I could get it together in one place to take a picture of it. Then if I print out 22 copies of the picture I can get a pretty good idea of what we’re talking about with the Alibaba IPO….
Actually, of course, I wasn’t really the one who took the picture.
I found the photo on the internet (where else do you go to look for cool stuff?) and put it in a new pdf, along with a copy of a neat theatrical poster for a stage production of “Ali Baba and the 40 Thieves” in 1886.
You can get it as a free bonus download when you watch my new video on the Alibaba IPO and Jack Ma.
The 10-minute video is posted at http://vibrationcode.com/alibaba