Pedestrians outside the Alibaba headquarters in Hangzhou, China.Credit Chance Chan/Reuters Related Links The Alibaba Group disclosed on Friday that it hoped to raise as much as $21.1 billion in its long-awaited initial public offering, setting up expectations for the biggest stock market debut in United States history.
In an amended prospectus, the Chinese Internet giant said that it planned to price its shares between $60 and $66 in American depository shares. At the midpoint of that range, the company would be valued at nearly $156 billion, not far behind Amazon.com.
The disclosure of the price range and other important elements is the last step that Alibaba will take before it sets off on a whirlwind global roadshow for potential investors. That trip, scheduled to begin in New York City on Monday, will cross the United States and then Europe, the Middle East and Asia. Executives and their bankers will then return to Manhattan to price the stock, an event tentatively set for Sept. 18. Shares would then begin trading the next day on the New York Stock Exchange, under the ticker symbol "BABA."
The single biggest selling shareholder, according to the prospectus is Yahoo, which is contractually obligated to sell a portion of its holdings. It is currently set to reduce its stake to 16.3 percent, from 22.4 percent.
Alibaba cofounder Jack Ma is selling a small portion of his holdings, though he is expected to retain a nearly 8 percent stake. At the midpoint of the price range, he could reap $803 million, and his remaining shares would be valued at nearly $12.2 billion.
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