China's
biggest e-commerce firm Alibaba Group Holding says it expects to price its
initial public offering (IPO) at between $60 and $66 per a share.
It
has filed to sell up to $24.3bn (£15bn) in stock, in what will be the biggest
technology listing in the US.
Facebook's
IPO, which raised $16bn in 2012, was the previous biggest share sale for an internet
company.
Alibaba
accounts for 80% of all online retail sales in China. Its sites also include
Taobao, Tmall, and AliExpress.
Facebook's
IPO gave it a market value of more than $100bn. Alibaba's IPO would give it a
market value of up to $162bn.
"From
the very beginning our founders have aspired to
create a company founded by
Chinese people but that belongs to the world," said executive chairman
Jack Ma in the regulatory filing with the Securities and Exchange Commission.
Alibaba
will decide on its final share price after an international roadshow set to
start in the coming week.
The
company is selling 123.1 million of the 320.1 million shares in the IPO.
Meanwhile,
selling shareholders, including Mr Ma, Yahoo, and executive vice chairman Joe
Tsai, are offering the rest.
Rising
internet usage in China and a growing and affluent middle-class helped revenue
in the June quarter grow by 46% year-on-year to $2.54bn.
BBC Business
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