Investors Line Up Ahead of Alibaba IPO (Sept. 15, 2014)
Chinese online shopping and payments giant Alibaba Group is finding no shortage of investor interest ahead of its upcoming U.S. IPO, which reportedly is already three times oversubscribed. Currently in the midst of a 10-day roadshow to meet investors in major cities around the globe, Alibaba is expected to begin trading on the New York Stock Exchange on Sept. 19, offering 320 million shares priced between $60 and $66. That valuation could result in a total infusion of more than $21 billion, making Alibaba’s the largest tech IPO in U.S. history, beating out Facebook’s $16 billion offering in 2012.
Formed in 1999 by onetime English teacher Jack Ma, Alibaba Group has since grown to dominate online commerce in China, with 24,000 employees and revenue of $7.5 billion. In addition to Taobao, the largest consumer shopping site in China, the company also operates B2B marketplace Alibaba.com, online payment platform Alipay and several other business units. In June, Alibaba launched a U.S. retail portal for small and boutique merchants, similar to Etsy or Square Market, in a move observers said could be a springboard to further growth in the U.S.
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