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

Kailei Wei, Libo Xiao, Yang Fang and Chunxia Jiang

Asia Pacific Business Review, 2023, vol. 29, issue 2, 299-322

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.

Date: 2023
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DOI: 10.1080/13602381.2022.2143640

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