breaking news and current affairs





















China's Alibaba goes public with IPO on US stock market



by Joseph Earnest  May 7, 2014


Newscast Media NEW YORKChina's online retail giant Alibaba has filed documents for its long-awaited US stock listing. The company's initial public offering into the US market is widely expected to be one of the largest in history.

Alibaba filed documents with the US Securities and Exchange Commission (SEC) Tuesday for its US stock listing and is aiming to raise $1 billion (717.6 million euros) in a long-awaited initial public offering (IPO).

The filing is expected to lead to the technology industry's biggest initial public offering since the micro-blogging site Twitter collected $1.8 billion in its debut last fall. Some industry analysts have predicted that Alibaba's IPO could even eclipse the $16 billion (11.5 billion euros) raised by Mark Zuckerberg's Facebook in 2012.

The group, founded by Jack Ma, has not yet revealed how much stock will be sold in the IPO. These details will emerge over the next three to four months as the IPO progresses.

The company has also not revealed which US exchange its stock will trade on.

The initial filing with the SEC noted that a range of investment banks will lead the offering including Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and Citi.

Alibaba is based in Hangzhou and owns two of China's most popular online shopping services, Taobao and TMall. The e-commerce powerhouse makes more money than US giants Amazon and eBay combined.

Yahoo Inc. has also benefited from Alibaba's success as its 24 percent stake in the Chinese company has helped its own stock to more than double over the past two years. With the listing, Yahoo is supposed to sell its 208 million shares.                                    Add Comments>>


Source: Deutsche Welle











       Find newscast media on youtube for houston news and local breaking news        get newscast media news feeds for breaking news, houston local news and world news.          Get our facebook updates on world news, houston news and houston local news including sports         Twitter

 Join the Newscast Media social networks

for current events and multimedia content. 






 Copyright© Newscast Media. All Rights Reserved. Terms and Privacy Policy