Chinese Internet Giant, Alibaba will list on the New York Stock ExchangeBy Shawn Knight
Alibaba has updated its S-1 filing with the Securities and Exchange Commission, revealing intentions to list its shares on the New York Stock Exchange (NYSE). Up to this point, all we knew for certain was the company would file its IPO in New York.
Both the NYSE and the Nasdaq were reportedly in the running but technical issues surrounding Facebook's debut on the Nasdaq affected Alibaba's decision to go with the NYSE according to sources familiar with the matter as reported by The Wall Street Journal.
The NYSE won more technology IPOs than the Nasdaq last year, the first time that's happened in nearly 20 years. They're also ahead this year with 22 listings versus just 17 for the Nasdaq according to Dealogic. The Nasdaq is still ahead in terms of value at $5.7 billion versus $5.1 billion for the NYSE, however.
The IPO is expected to take place sometime during the first half of August although a specific date hasn't been set yet. It's expected to raise around $20 billion which would make it one of the largest in history. Shares will trade under the ticker symbol "BABA" according to the SEC filing.
Alibaba isn't a company that most in the US are familiar with but they're a household name in China. The company's two main websites are Taobao Marketplace and Taobao Mall, both offering online goods to consumers. They've been described as a mix between Amazon and eBay but with a larger footprint and more product diversity.