E-commerce company Alibaba Group seeks to raise up to $24.3 billion to set new IPO record
SAN FRANCISCO – China’s Alibaba Group is seeking to raise up to $24.3 billion in its upcoming IPO, an amount that would be the most ever raised by a company heading into its stock market debut.
The e-commerce company is hoping to sell up to 368 million shares for $60 to $66 apiece. Alibaba Group Ltd. set the price target in a regulatory filing late Friday, setting the stage for the company to make its long-awaited debut on the New York Stock Exchange later this month.
At $66 per share, Alibaba would debut with a market value of $163 billion. That’s more than all but a handful of technology companies that have been around for much longer than Alibaba, which Jack Ma started 15 years ago in his apartment.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
