China’s Alibaba goes public with IPO on US stock market
Newscast Media NEW YORK—China’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
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.
Source: Deutsche Welle