Alibaba share sale by this month

September 01, 2014 - 12:00:00 am

HONG KONG: Chinese e-commerce company Alibaba Group Holding Ltd is planning to launch its New York stock market debut in the week of September 8, a person briefed on the matter said on Saturday.

The much-anticipated sale or initial public offering (IPO) could raise more than $20bn, making it the biggest technology listing in the United States.

The company is still awaiting final approval from the US Securities and Exchange Commission (SEC) to kick-off the listing, the person said, adding that the date was still a moving target.

The source declined to be identified as the information is not public.

The IPO ‘roadshow’ — when a company meets with potential investors — had previously been expected to be launched this coming week, with pricing of the offer set for as early as September 15, the New York Times earlier reported. Pricing of the shares is now more likely to come later in that week, the paper said.

An external spokeswoman for Alibaba in Hong Kong declined to comment on the share sale plans when contacted by Reuters on Saturday.

Separately, The Wall Street Journal, citing a person familiar with the deal, said that Alibaba expected talks with the SEC to wrap up next week.

Reuters

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