Alibaba Boss Like A Rock Star At 'Epic' IPO
Updated: 7:22pm UK, Friday 19 September 2014
By Hannah Thomas-Peter, New York Correspondent
As Jack Ma swept past me on the floor of the New York Stock Exchange, I asked him how he was feeling.
He smiled at me, waved and mouthed "ok" before turning to a bank of cameras trained on the founder and spiritual leader of Alibaba.
"Ok," felt like a bit of an understatement.
Such was the demand and volume associated with the Alibaba IPO it took nearly two-and-a-half hours for the New York Stock Exchange's designated market maker (DMM) to decide on the right opening price.
The DMM is a person, not a computer. In this case it was Barclays' Glenn Carell.
He was also the DMM for the Twitter IPO, and is responsible for gauging appetite and supply, honing in on the right opening price for a stock.
It's a big job.
If there are technical problems he can override the system and trade on paper.
If there's uncontrollable volatility he can use his company's own cash to step in and stabilise things.
He told Sky News: "This is a very exciting day for me.
"It's the biggest IPO ever, and we really want to get the best price for opening.
"We have to go slow and get it right."
As traders crowded in on Glenn communicating orders from clients, electronic requests also poured in from across the world, flashing up on screens in front of his team.
Over two hours the price indicator range, which helps investors know how much the shares will cost once trading begins, crept from around $80 to over $90.
"Investors really want this stock," said Meridian Partners trader Jonathan Corpina.
"They see a very well-diversified company with huge international exposure.
"Even if US investors don't know the brand name, the product is easy to understand, and it's a good one."
As Glenn yelled "we're getting close!" the traders bunched together like rugby players in a scrum, whoops rang out, tension rose.
"Come on Glenn what's the price? Close it, close it," muttered one trader, his electronic trading tablet buzzing and beeping with impatient clients.
"$92.70!" came the shout, and trading began, starting with a short-lived 'pop' up to $99, before settling back down in Glenn's predicted range.
"Phew" said one NYSE executive to another.
"I tell you, that was pretty epic."
Glenn looked relieved as trading continued smoothly, confessing he would be having a glass of champagne later that evening.
Jack Ma may well do the same.
As he left the exchange to get in to his car, it was as if a rock star had left his concert.
Fans yelled and screamed and cheered and photographed for all they were worth.
Ma waved, smiled and slipped in to a waiting SUV.
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