Alibaba seeks to raise up to US$24.3b in IPO record
China's Alibaba Group is seeking to raise up to us$24.3 billion in its upcoming IPO - an amount that would be the most raised by a company in a stock market debut.
The e-commerce company and its early investors are hoping to sell up to 368 million shares for US$60 to $66 apiece, according to a regulatory filing late Friday that sets the stage for Alibaba Group Limited to make its long-awaited debut on the New York Stock Exchange later this month.
The documents didn't spell out when trading would begin. The debut is likely to come somewhere from September 18 through September 26. The timing hinges on how many issues regulators raise with the IPO.
The company's management will begin to travel around the world next week to meet with money managers and other investors interested in investing in Alibaba's IPO. If interest increases, the IPO price could be higher than US$66 per share.
Alibaba has emerged as a hot commodity because of its e-commerce bazaar, a shopping magnet for businesses and consumers alike, as China's economy steadily grows. The company's network of sites includes Taobao, Tmall, and AliExpress, as well as Alibaba.
Most of Alibaba's 279 million active buyers visit the sites at least once a month on smartphones and other mobile devices, making the company attractive to investors as computing shifts away from laptop and desktop machines.
At $66 per share, Alibaba would debut with a market value of US$163 billion. That would be more than all but a handful of technology companies, a testament to Alibaba's stunning growth since former schoolteacher Jack Ma started the company in his apartment 15 years ago.