Some quick stats on the outta-control Alibaba IPO today in Hong Kong:
- A triple on the day
- Raised $1.7-billion for 17% of the company’s shares
- Trading at 320x 2007 earnings
- Earnings growth 62%
Nutty, especially considering management went so far as to defend the current valuation, calling the play on China e-commerce growth. Oh, ouch.