Alibaba Group Holding Ltd. will list on the New York Stock Exchange, dealing a blow to rival NASDAQ, Reuters reported on Thursday, citing an updated initial public offering prospectus from the Chinese e-commerce giant.
The company is expected to make its debut this summer in what could be the largest US initial public offering from the technology sector, probably raising as much as US$20 billion, which could easily surpass Facebook Inc.’s US$16.2 billion share sale in 2012. That would value Alibaba at more than US$200 billion.
Alibaba, which accounts for more than 80 percent of e-commerce transactions in China, will use the ticker “BABA”. The IPO shares represent about 12 percent of the company, earlier media reports said.
Securing its debut marks a major victory for the New York Stock Exchange, the report said. NYSE, which was acquired by IntercontinentalExchange Inc. for US$11 billion in November last year, has been fighting tooth and claw with NASDAQ for new listings. Reuters partly attributed NYSE’s success to changes in its listing standards, which allowed small, growing companies to qualify.
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