China's Alibaba plans IPO for week of September 8

August 30, 2014

Chinese e-commerce giant Alibaba plans to hold its initial public offering on the US stock market the week of September 8, the Wall Street Journal reported Saturday, citing a person familiar with the matter.

The shares would then start trading as early as September 18 or 19, the source told the business daily.

Alibaba will list its shares on the New York Stock Exchange under the trading symbol "BABA," the company has said in filings with the US Security and Exchange Commission.

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.

But 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.

The IPO is part of efforts by Alibaba to expand globally.

In choosing the NYSE, the company dealt a blow to the rival Nasdaq, which has been a preferred option for many but experienced a number of trading problems in the Facebook market debut.

Explore further: Weibo seeks to raise at least $340 mln in US IPO

Related Stories

Yahoo takes hit after Alibaba IPO filing

May 7, 2014

Yahoo shares tumbled Wednesday on concerns its stake in Alibaba may be worth less than anticipated following the Chinese online giant's stock market offering.

Recommended for you

US ends bulk collection of phone data

November 30, 2015

The US government has halted its controversial program to collect vast troves of information from Americans' phone calls, a move prompted by the revelations of former intelligence analyst Edward Snowden.

1 comment

Adjust slider to filter visible comments by rank

Display comments: newest first

not rated yet Aug 30, 2014
I know finance stories are easy to find, but this is not science

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.