Chinese e-commerce giant Alibaba gears for US IPO

BEIJING: The move is to “make us a more global company and enhance the company’s transparency, as well as allow the company to continue to pursue our long-term vision and ideals,” Alibaba said in a brief statement.
The statement did not mention the company’s decision on the investment banks or stock exchange for the IPO.
However, media reports on Friday said Alibaba had decided on New York after ruling out Hong Kong and London for the IPO, while Morgan Stanley and Credit Suisse were said to be working closely with Alibaba on the listing plan.
Media reports quoted analysts as predicting that Alibaba’s IPO would raise up to USD 15 billion, making it the biggest IPO in the US in recent years, state-run Xinhua news agency reported.
Showing more aggressive ambitions for international expansion, Alibaba also said that “should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China.”
Alibaba operates two of the nation’s most popular online shopping services, Taobao and TMall.
In the fiscal year ending on March 31, 2013, the two platforms’ total transaction value exceeded one trillion yuan (USD 163 billion), the Xinhua report said.
—PTI