Alibaba applies for New York IPO

Alibaba applies for New York IPO

Chinese e-tailer Alibaba has filed an official request for an IPO on the New York stock exchange, which means it moves one step closer to becoming the biggest IPO for a technology company ever.

Bigger than Facebook

It is believed that Alibaba's IPO will bring in at least 11 billion euro and it is highly likely that it may breach Facebook's IPO, which was 16 billion dollars (11.5 billion euro). According to analysts, Alibaba is worth some 150 billion euro.

 

Large parts of that money will go to Yahoo, currently the owner of 22.6 % of the Chinese e-commerce giant. It bought 40 % of the company back in 2005, for 720 million euro, but will sell another third of its shares at the IPO.

 

Alibaba managed a 5.7 billion euro turnover last year, with a 2.6 billion euro profit. It currently has 8 million active sellers and 231 million customers, while it controls about 80 % of the Chinese online market.

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