阿里IPO:所有你需要知道的事

????阿里巴巴（Alibaba）即將進行的IPO有望募集到210多億美元，打破此前的歷史最高紀錄。眼下，投資者和旁觀者都在倒計時等待阿里巴巴今天的首日交易，以下是關于這家中國電商巨頭我們需要了解的所有情況。

????這宗IPO規模多大？其估值為何這么高？

????阿里巴巴的市值有望超越亞馬遜（Amazon），成為美國史上最大的IPO。

????投資者反響空前火爆，阿里巴巴路演僅兩天就已獲得全額認購，隨后，該公司將每股60-66美元的IPO區間價的上限調高到了每股68美元。

????阿里巴巴IPO后股價走勢將如何是一大問題，特別是考慮到阿里巴巴模糊的財務數據導致很難計算出該公司的真實估值。我們不妨將阿里巴巴與谷歌（Google）的IPO進行對比。舉例來說，亞馬遜上市時，主要是從事圖書在線銷售，銀行家們無法恰當（或準確）地估價該公司的未來發展軌跡。阿里巴巴同樣擁有凌云壯志。

????除了阿里巴巴，還有誰將是這宗IPO中的大贏家？有輸家嗎？

????雅虎（Yahoo）擁有這家中國零售電商近22%的股份，一旦阿里巴巴上市，雅虎將獲得巨額收益。以IPO預期發行價區間的下限——每股60美元計算，雅虎持有的股份將價值314億美元。

????美國銀行（Bank of America）雖然未能參與阿里巴巴IPO，但也找到了從這宗巨型IPO中獲利的途徑。該銀行開發了一種證券，將阿里巴巴最大股東軟銀（SoftBank）作為對其估值的基礎。

????軟銀創始人兼CEO孫正義也從阿里巴巴的IPO中獲利頗豐。9月8日以來，軟銀股價攀升了16%，孫正義由此資產凈值達到166億美元。迅速超過了迅銷有限公司（Fast Retailing Co.，旗下擁有優衣庫——譯注）主席柳井正，一躍成為日本首富。

????由高盛（Goldman Sachs）牽頭的六家主承銷商，每家都將獲得約3,000萬美元的傭金。根據阿里巴巴股價在首日交易中的漲幅，上述承銷商和其他銀行還可能獲得更多收入。但該股在首日交易上漲了多少，就等于阿里巴巴及其大股東雅虎、CEO馬云等人少賺了多少。

????阿里巴巴的員工和某些外部人士也將有大筆進賬。過去15個月，阿里巴巴大舉向員工和某些與公司關系密切的商業伙伴派發誘人的股票，這些股票價值約45億美元。如果阿里巴巴的IPO價格超過每股66美元，其價值可能更高。

????硅谷一直在密切關注阿里巴巴。對硅谷而言，阿里巴巴不能算競爭對手，但在吸引投資和收購科技初創公司方面，硅谷和阿里巴巴肯定存在一定的競爭。

????Alibaba is on its way to a record-breaking initial public offering that could raise more than $21 billion. As investors and spectators alike countdown to the expected first day of trading Friday, here’s everything you need to know about the Chinese e-commerce giant in one place.

????How big is the IPO and why is it worth so much?

????Alibaba is on track to become the largest U.S. IPO ever with a market value exceeding Amazon.

????The company raised the top end of it’s IPO price to $68 from a range of $60 to $66 per share after Alibaba attracted record demand from investors, covering its full offering only two-days into its road show.

????The big question is how the IPO will do once it hits the market, especially considering how hard it is to calculate Alibaba’s real valuation amid its murky financials. A good starting point is to compare it with the public debuts of Google . For example, when Amazon went public it was selling primarily books online, and bankers couldn’t properly (or accurately) value the future trajectory of the company. Alibaba has similarly huge ambitions.

????Who’s winning big on this deal beyond Alibaba? Are there losers?

????Yahoo owns a nearly 22% stake in the Chinese e-retailer and stands to make a hefty profit when Alibaba goes public. At $60, the very low end of the expected range, Yahoo’s stake would be worth $31.4 billion.

????After being left out in the cold on the Alibaba deal, Bank of America has found its own way to profit off the massive IPO. The bank developed a security that uses SoftBank, Alibaba’s biggest shareholder, as a foundation for estimating the company’s valuation.

????SoftBank’s founder and CEO Masayoshi Son has also profited handsomely from Alibaba’s IPO. Son became Japan’s richest man after Softbank’s shares climbed 16% since Sept. 8, boosting his net worth to $16.6 billion. He surpassed Fast Retailing Co.’s chairman Tadashi Yanai for the richest title.

????The six lead underwriters, led by Goldman Sachs , stand to make about $30 million each in fees. Those underwriters and other banks could rake in even more cash depending on how much Alibaba’s shares pop in the first day of trading. However, any jump in the stock in the first days of trading is money left on the table by Alibaba — and big shareholders like Yahoo and CEO Jack Ma.

????Alibaba’s employees and anointed outsiders are also positioned to cash in big. Over the past 15 months, Alibaba has been issuing huge and very lucrative stock grants to its workers and certain close business associates that could be worth about $4.5 billion. That value could be even higher if its IPO prices above $66 a share.

????Silicon Valley has been eyeing Alibaba carefully. Not quite as a competitor, but certainly as an active sparring partner for investments and, perhaps, acquisitions of tech startups.