China's Alibaba plans IPO for week of September 8

Aug 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: Alibaba to list on NYSE with symbol 'BABA'

add to favorites email to friend print save as pdf

Related Stories

Yahoo takes hit after Alibaba IPO filing

May 07, 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

Brazil's Coelho offers $100,000 for N. Korea parody film

44 minutes ago

Brazilian author Paulo Coelho offered Thursday to pay Sony $100,000 for rights to "The Interview," protesting the company's decision to scrap the North Korean parody film amid chilling threats from hackers.

Two more former Sony workers sue over data breach

14 hours ago

Two more former employees of Sony Pictures Entertainment are suing the company over the massive data breach in which their personal and financial information was stolen and posted online.

Constantly changing online prices stump shoppers

15 hours ago

Online shopping has become as volatile as stock market trading. Wild, minute-by-minute price swings on everything from clothes to TVs have made it difficult for holiday shoppers to "buy low."

'Interview' ordeal at Sony just its latest crisis

19 hours ago

How do you say "damage control" in Japanese? Sony Corp. is sealed within a hermetic cone of silence as executives try to prevent the slow motion train wreck at Sony Pictures from damaging the rest of the ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

BSD
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.