|09-08-2014, 02:57 PM||#1|
China`s Alibaba to go public on NYSE, targets $155 billion value
The Initial Public Offering (IPO) of Alibaba Group Holding Ltd is ready to hit the market. eBay and Amazon.com better be careful because China`s largest e-commerce company is ready to rumble!
The Hangzhou, China-based family of highly successful interest-based businesses, founded by executive chairman Jack Ma, unveiled plans for an initial public offering that values the company at $155 billion, which would instantly make it one of the largest listed companies in the U.S., and mark one of the biggest stock-market debuts ever.
Filing its papers on Friday, the Chinese e-commerce company valued itself just below rival Amazon.com Inc`s $160 billion market capitalization. However, Alibaba`s worth could rise in the days ahead as the company officially introduces itself to investors in a process called a roadshow, set to begin on Monday in New York.
Shares are expected to start trading on the NYSE the following week, under the symbol "BABA`.
If the company sells the maximum number of shares proposed at the highest price anticipated now, the deal would raise $24.3 billion for the company, its early investors and executives, which would mark the biggest IPO ever, topping the $22 billion raise by the Agricultural Bank of China Ltd in 2010.
Alibaba is a collection of various online marketplaces for consumers and businesses that make its money mainly by charging advertising fees to merchants that seek to promote themselves in its chaotic online bazaars that have 279 million active buyers and 8.5 million active sellers.
On Friday, U.S. rivals Ebay Inc hit a two-week low before closing around $53.90 a share, while Amazon.com Inc hit a six-week high before closing around $346.38.
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