Alibaba Plans IPO Launch Week of Sept. 8 Shares Could Begin Trading as Soon as Sept. 18 or 19
Chinese e-commerce giant Alibaba Group Holding Ltd. plans to launch its U.S. initial public offering early in the week of Sept. 8, a person familiar with the deal said.
A launch that week means Alibaba shares could begin trading as soon as Sept. 18 or 19 in New York, the person said.
The Chinese e-commerce company has been expected to launch the deal, which could raise more than $20 billion, in September after the U.S. Labor Day holiday on Sept. 1, people familiar with the deal have said. But the company was waiting to finalize the timing of the deal until after it received final feedback from the U.S. Securities and Exchange Commission, the people said.
The company remains in dialogue with the regulator, but expects that process to wrap up next week, the person familiar with the deal said.
The SEC must approve IPO listing documents before a company can set a price and launch a deal.
The offering will begin with the company setting a price, which will be followed by a nearly two-week "roadshow" that will involve meeting with big groups of investors, as well as one-on-one pitches, in Asia, Europe and the U.S. The roadshow is expected to begin in Hong Kong, people familiar with the deal have said.
The stock will list under the symbol "BABA" on the New York Stock Exchange.