Saturday, July 29, 2017

Alibaba aiming to raise $15bn on New York Stock Exchange

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E-commerce giant Alibaba could be in line for the biggest initial public share since Facebook as it seeks to raise $15bn on the New York Stock Exchange.

The announcement ends months of speculation of a listing in Hong Kong or London.

Alibaba and its partners control 80 per cent of the Chinese e-commerce market and increased its revenue by 51 per cent to $1.8bn for the quarter ending September 2013.

“Alibaba Group has decided to commence the process of an initial public offering in the United States,” the company said in a statement. “This will make us a more global company and enhance the company’s transparency, as well as allow the company to continue to pursue our long-term vision and ideals.”

The float follows a string of Chinese business looking to list in the US such as ‘China’s Twitter’ Weibo and JD.com.

Alibaba sells a wide ranging array of products including food, electronics and aeroplanes for buyers, suppliers and manufactures.

Analysts value the firm – founded by former English teacher Jack Ma in 1999 – as much as $200bn which would make it the second most valuable company in the world after Google.

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