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Business News/ Companies / News/  Alibaba said to plan US IPO after 1 September
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Alibaba said to plan US IPO after 1 September

The Chinese firm is said to have postponed its roadshow planned for late July to avoid the Labour Day holiday

There had been market speculation that Alibaba was aiming for its New York Stock Exchange listing on 8 August, since the Chinese for that date is ‘ba ba’ which is both a lucky number and the sound of its name, albeit different characters. Photo: ReutersPremium
There had been market speculation that Alibaba was aiming for its New York Stock Exchange listing on 8 August, since the Chinese for that date is ‘ba ba’ which is both a lucky number and the sound of its name, albeit different characters. Photo: Reuters

Shanghai: The highly-anticipated US stock offer by Chinese e-commerce giant Alibaba Group Holding Ltd will take place after 1 September, the official Xinhua news agency on Friday quoted an a person close to the matter as saying.

The person, who did not want to be named, said the roadshow for the initial public offering (IPO), which could rival Facebook Inc.’s flotation, was originally scheduled for late July but would be postponed until after the US Labour Day holiday, Xinhua reported from the eastern city of Hangzhou, where Alibaba is headquartered.

“If not delayed, the roadshow—to last about two weeks—may coincide with Wall Street’s traditional vacation time," the person was quoted as saying. “Alibaba does not want to make the IPO process too hasty."

There had been market speculation that Alibaba was aiming for its New York Stock Exchange listing on 8 August, since the Chinese for that date is “ba ba" which is both a lucky number and the sound of its name, albeit different characters.

Analysts say the IPO could raise around $15 billion (around 90,500 crore) or even more, putting it on par with Facebook’s $16 billion IPO in 2012, and value the firm from $100 billion to $200 billion, or higher.

Alibaba is often described as China’s version of Amazon.com Inc. or eBay Inc., since it has elements of both those firms.

It operates China’s most popular Internet retail platform, Taobao, which is estimated to hold more than 90% of the online market for consumer-to-consumer transactions.

Founder Jack Ma set up Alibaba in 1999, convincing friends to fund him with $60,000, by starting with a platform for Chinese manufacturers to connect with foreign buyers and later launching flagship site Taobao in 2003.

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Published: 18 Jul 2014, 10:37 AM IST
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