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China's e-commerce giant Alibaba announces details of IPO

  • Alibaba, China’s biggest e-commerce company, has said it expects to price its IPO at $60-66 for every share.

    The firm has filed to sell stock up to $24.3bn, making it United State’s biggest technology listing. Facebook’s 2012 IPO, which raised $16bn, was so far the biggest share sale for an e-commerce firm.

    Four in every five online retail sales in China are through Alibaba and its affiliate sites.

    Executive chairman Jack Ma said Alibaba’s founders had always aspired to “create a company founded by Chinese people but that belongs to the world”.

     

    Tagged as: Alibaba, China, e-commerce, company, IPO, share, Facebook, Jack Ma, business news