Ever heard of Alibaba, the Chinese online giant? It is being reported that Alibaba Holding Group has chosen BABA as the stock ticker symbol and will start trading on NY Stock Exchange on September 19th. Alibaba IPO is going to be the biggest US IPO ever. Jack Ma is the founder and executive chairman of Alibaba. Chinese e-commerce giant Alibaba on Friday filed to sell up to $24.3 billion in stock, making it the biggest U.S. initial public offering ever.
Alibaba is selling 123 million of the 320 million American Depositary Shares slated for the IPO at between $60 and $66 per share, according to a filing. Shareholders including Yahoo, Ma and executive vice chairman Joe Tsai are offering the remainder.
Alibaba shares will be priced on Sept. 18, and will begin trading on the New York Stock Exchange on the 19th, under the ticker symbol BABA, sources told CNBC on Friday. Remember Facebook IPO? Can Alibaba IPO be another flop like the Facebook IPO?
Market analysts are saying that BABA is more than a tech stock. BABA is an opportunity to invest in the emerging Chinese consumer class.
After pouring about $1 billion nine years ago into Alibaba Group Holding Ltd., Yahoo! Inc. (YHOO) is set to reap a massive haul as the Chinese e-commerce company goes public: more than $8 billion.