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What explains Alibaba’s miraculous IPO success on the New York stock exchange?

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  • Kailei Wei
  • Libo Xiao
  • Yang Fang
  • Chunxia Jiang

Abstract

Shattering the all-time high record of $68.15 billion set by AT&T in April 2000, Alibaba became the world’s largest IPO, raising $169.4 billion at the New York Stock Exchange in September 2014. Using this outstanding case, the underlying drivers for foreign IPO success were explored. Four propositions are elaborated on: (1) companies choose the capital market with the institutional environment accommodating their internal characteristics, thereby taking advantage of the institutional differences between home and host countries to facilitate their development strategy; and (2) companies’ IPO success is largely driven by the industry growth potential, fundamentals, and strategic alliances.

Suggested Citation

  • Kailei Wei & Libo Xiao & Yang Fang & Chunxia Jiang, 2023. "What explains Alibaba’s miraculous IPO success on the New York stock exchange?," Asia Pacific Business Review, Taylor & Francis Journals, vol. 29(2), pages 299-322, March.
    • Handle: RePEc:taf:apbizr:v:29:y:2023:i:2:p:299-322
    DOI: 10.1080/13602381.2022.2143640
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