Alibaba Group Holding Ltd. has decided to list its shares on the Big Board.
The Chinese Web giant filed for an initial public offering in May, but had not elected then which exchange its shares would be listed on. Since then there’s been back-on-forth debate between the New York Stock Exchange and the Nasdaq Stock market.
The NYSE listing is expected to the the largest-ever IPO in the U.S. Experts believe the IPO could value the company at a range of $175 billion to $200 billion, and raise around $20 billion — the company is expected to sell about 10 to 15 percent of the company. In comparison, Facebook was valued at $104 billion at its IPO in May 2012 on the Nasdaq.
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Shares of Alibaba will likely use the ticker symbol “BABA,” according to a filing with the Securities and Exchange Commission.
The company is led by lead founder Jack Ma. There’s speculation that an IPO likely will be closer to the end of the year, although reports have surface that August — the eighth month — might be a timeframe given that the number 8 is viewed as auspicious among many Chinese individuals.
According to an SEC filing earlier this month, the company’s three main marketplaces — Taobao, Tmall and Juhuasuan — facilitated the sales of goods with a total gross market value of $270 billion last year. For the year ended March 31, the company’s profits jumped 175 percent to $3.71 billion on revenue growth of 52 percent, to $8.44 billion.