Alibaba, the Chinese e-commerce site partially owned by Yahoo, has announced the long-waited location of its IPO, in what could be the largest Internet stock release since Google's. The Hangzhou, China-based company has chosen to list its IPO with the New York Stock Exchange and is currently speaking with six banks to underwrite the deal, Elzio Barreto and Denny Thomas report at Reuters.
Those banks include Citigroup, Deutsche Bank, and Morgan Stanley, Reuters reports. The New York-based stock markets are heating, with 42 IPOs listed on the NYSE or on NASDAQ this year, reports IPOX Schuster. That’s triple the number on the Hong Kong Stock Exchange and more than four times that listed on the London Stock Exchange, the website says.
Alibaba has been valued at more than $140 billion, and proceeds from the IPO could reach more than $15 billion. Filing of documents is expected as early as April, reports Reuters.
The decision to choose New York to launch its IPO is crucially important, as it underscores “the U.S.’s standing as the global hub of the new stock boom,” reports Matt Krantz at USA Today. Alibaba’s plans to publicly trade follows another high-profile IPO listed on the NYSE, that of King Digital Entertainment Plc, the Irish company and creator of Candy Crush. King Digital is valued at $7.6 billion.