China E-Commerce Giant Alibaba Files for IPO
Could end up raising more money than Facebook's
By Newser Editors and Wire Services
Posted May 6, 2014 4:22 PM CDT
Men walk past the corporate logo at the headquarters of Alibaba Group in Hangzhou in eastern China's Zhejiang province.   (AP Photo/File)

(Newser) – China's Alibaba Group is aiming to raise $1 billion in a long-awaited IPO likely to have ripple effects across the Internet. Today's filing sets the stage for the technology industry's biggest initial public offering since Twitter and its early investors collected $1.8 billion in its stock market debut last fall. Alibaba could still try to raise more money and even surpass the $16 billion that Facebook did two years ago, depending on investor demand for its stock.

For now, Alibaba isn't specifying how much stock will be sold in the IPO or setting a price range. Those details will emerge as the IPO progresses, a process likely to take three to four months to complete before Alibaba's shares begin trading on the New York Stock Exchange. Although it's not nearly as well-known as Facebook, Alibaba has emerged as an e-commerce powerhouse that makes more money than Amazon and eBay combined. The IPO is expected to provide Alibaba with the financial firepower to expand into other markets, including the US.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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Showing 3 of 15 comments
thenet95
May 8, 2014 5:21 PM CDT
Like saying open me bunch
charlie hawaii
May 7, 2014 11:38 PM CDT
I buy from china Alibaba the refund is not 100 % English is bad bad product not as pic. lot of people got taken stick to e bay if possible.wish people graph & chart go shot or long don't let them take us in our country.wish we can have few good trader like 10-15 rich great trader take some of our money back
TheVEG
May 7, 2014 9:15 AM CDT
Kiss some more American manufacturing jobs good bye...and say hello to more toxic crap from China. And how many flag draped patriotic American "investors" are gonna help feed it? It's just business right? Slit your own throat so long as you save a buck on that knife you're gonna use eh? Investors...pffft...get a real job.