Chinese e-commerce behemoth Alibaba goes public on the New York Stock Exchange today in what will be the biggest IPO ever.
Companies have been going public on the NYSE literally since the beginning of the NYSE, so you’d think they’d be good at it.
But with recent IPO blunders, focus has ramped up on the exchanges and professionals who handle these things.
According to AP, Glenn Carell will be the specialist in charge of the Alibaba IPO.
Specialists are the people responsible for making the market in the stock.
“The specialist holds an inventory of the stock, posts the bid and ask prices, manages limit orders and executes trades,” Investopedia explains. “Specialists are also responsible for managing large movements by trading out of their own inventory. If there is a large shift in demand on the buy or sell side, the specialist will step in and sell out of their inventory to meet the demand until the gap has been narrowed.”
Good luck, Glenn!