Demand for SpaceX’s initial public offering has far exceeded supply, with several institutional investors each submitting orders of roughly $10 billion or more, according to Bloomberg. Wednesday’s 4 p.m. New York market close marked the deadline for institutional investors to submit orders through the banks managing the deal.
Orders totaling around $150 billion have poured in for the offering, according to Reuters, which cited anonymous sources — a sum that works out to roughly twice the $75 billion the company hopes to collect. Once the books are closed, the underwriting banks will assess the full picture of investor interest before advising SpaceX on a final price; shares are scheduled to be priced June 11 and begin trading the next day.
The subscription totals could still shift before pricing, because big institutional players often hold off until late in the process, and the numbers on the books now reflect preliminary interest rather than confirmed share awards. A successful listing would eclipse the record set by Saudi Aramco, whose 2019 debut raised $29.4 billion — currently the largest IPO in history.
Link: https://finance.yahoo.com/markets/stocks/articles/spacex-ipo-oversubscribed-order-books-123545689.html