Menu
Kim Kardashian West debuts Platinum Tresses at Paris Fashion Week

Kim Kardashian West debuts Platinum Tresses at Paris Fashion Week

Apple Launching Beats-Powered Music Streaming Service in June

Apple Launching Beats-Powered Music Streaming Service in June

Apple Working on a Waterproof iPhone, Patent Applications Shows

Apple Working on a Waterproof iPhone, Patent Application Shows

Harrison Ford is Battered but OK after Plane Crash

Harrison Ford Is Battered but OK after Plane Crash

A port hidden under Apple Watch's strap connector

A Hidden Port Found Under Apple Watch's Strap Connector

Alibaba files for IPO

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

Alibaba files for IPO
Getty Images

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

You Might Also Like

From the Web

Read the Latest from I4U News

Comments

blog comments powered by Disqus