Chinese e-commerce giant Alibaba Group Holding Limited plans to hold its initial public offering on the US stock market from September 8, according to the Wall Street Journal.
The IPO is part of efforts by Alibaba to expand globally.
The company will list the stock under the symbol “BABA” on the New York Stock Exchange. The initial filing indicated $1 billion will be raised in the public offering, but that amount is expected to be greatly boosted with later amendments.
The company did not give details on the timeline for the IPO in its June filing with the SEC, saying only “the launch would be “soon as practicable”.
Analysts say the listing is expected to raise somewhere around $15 billion, which would make it the technology industry’s largest IPO since Facebook’s in 2012.
Published in The Express Tribune, August 31st, 2014.
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