China's e-commerce giant Alibaba announces details of IPO
September 7 , 2014
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”.