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Alibaba files for IPO

May 7 2014, 1:35am CDT | by , in News | Technology News

Alibaba is making its way into the U.S. market. On Tuesday, the company filed for an IPO.

Alibaba files for IPO
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Alibaba files for IPO

Alibaba, the Chinese e-commerce conglomerate, has filed its IPO on Tuesday.

In its filing at the Securities and Exchange Commission, Alibaba said that it plans to raise $1 billion in its IPO, but the company is expecting to eventually raise around $15 to $20 billion - the largest IPO since the $16 billion offering of Facebook two years ago.

It also expects to have a share price at roughly $200 billion once its debuts on the New York Stock Exchange or Nasdaq.

The winds are blowing in favor of the Hangzhou-based company, as online shopping grows at an annual rate of 27 percent in China.

Alibaba is a marketplace, a search engine, and a bank rolled into one. Three of its main businesses are Taobao.com, Tmall.com, and Alipay, Alibaba's online payment system.

Last year, Alibaba sold over $248 billion worth of merchandise - way more than Amazon and eBay combined.

Alibaba is also one of China's top technology companies. There's Baidu, the popular Chinese search engine, and Tencent, the developer of the mobile text and voice app WeChat.

As far as investors are concerned, SoftBank is the largest investor with a 34.4 percent stake, while Yahoo is second with a 22.6 percent stake. Its founder, the charismatic Jack Ma, remains to be the largest individual shareholder with 8.9 percent of stock.  

Source: SEC

 

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<a href="/latest_stories/all/all/21" rel="author">Gene Ryan Briones</a>
Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.

 

 

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