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Alibaba IPO boosts Softbank's Masayoshi Son as he's crowned Japan's richest man Alibaba IPO boosts Softbank's Masayoshi Son as he's crowned Japan's richest man
(35 minutes later)
Softbank's chief executive Masayoshi Son has become Japan's richest man with an estimated personal fortune of 16.6 billion...And he may have to send Alibaba a thank you note for it. Softbank's chief executive Masayoshi Son has become Japan's richest man with an estimated personal fortune of $16.6 billion...And he may have to send Alibaba a thank you note for it.
Shares in Softbank, which owns a 37 per cent stake in the Chinese e-commerce giant, have surged ahead of Alibaba's planned initial public offering with shares expected to begin trading on Friday. Shares in Softbank, which owns a 37 per cent stake in the Chinese e-commerce giant, have surged ahead of Alibaba's initial public offering with shares expected to begin trading on Friday in New York.
The company recently raised its float price range from $60-$66 a share to $66 to $68 in what could be the biggest IPO in history. And this is good news for the Japanese businessman. And this is good news for the Japanese businessman.
Son's Softbank invested $20 million in the Chinese company back in 2000 before the relatively unknown Alibaba.com turned into an e-commerce behemoth.Son's Softbank invested $20 million in the Chinese company back in 2000 before the relatively unknown Alibaba.com turned into an e-commerce behemoth.
His bet paid off and Alibaba's IPO is already proving a huge win for Son, who owns a 19 per cent stake in Softbank, and recently indicated he has no immediate plans to sell the company's stake in Alibaba.His bet paid off and Alibaba's IPO is already proving a huge win for Son, who owns a 19 per cent stake in Softbank, and recently indicated he has no immediate plans to sell the company's stake in Alibaba.
On Tuesday, Alibaba said it expects its IPO shares to price between $66 to $68 citing strong demand. At $68 per share, the float would value Alibaba at $168bn (£104bn), and raise more than $25 billion, surpassing Agricultural Bank of China's $22.1bn as the biggest offering ever. On Tuesday, Alibaba raised its float price range from $60-$66 a share to $66 to $68 citing strong demand. At $68 per share, the float would value Alibaba at $168bn (£104bn) and raise more than $25 billion, making it the biggest public offering ever.
The float price would be good news for Yahoo- a minority investor in Alibaba with a 22 per cent stake. Unlike Softbank, Yahoo has already said it plans to sell 140 million shares and return at least half the cash from the IPO to shareholders in the form a share buyback or dividend. The float price would also be good news for Yahoo- a minority investor in Alibaba with a 22 per cent stake. Unlike Softbank, Yahoo has already indicated it plans to sell 140 million shares and return at least half the cash from the IPO to shareholders, which could be in the form of a stock buyback or a dividend.
READ MORE: Alibaba hikes record flotation priceIs the Alibaba IPO worth the hype?