Alibaba’s $13.4 billion institutional bookbuild for its Hong Kong listing is already covered “multiple times,” according to a message sent to investors and verified by sources with direct knowledge of the matter.

The Chinese e-commerce giant plans to list its shares in Hong Kong from November 26 and is currently marketing the deal to investors around the world.

The message sent to potential investors said the “quality of demand is high” and that there “continues to be very strong feedback” about the deal.

Pricing of the stock for institutional shareholders will be set on November 20, a prospectus lodged with the Hong Kong Stock Exchange shows.

Retail investors will not pay more than $HK188 per share, a statement from the company published on Friday showed. – Reuters