China's online commerce giant Alibaba Group announced early Sunday morning it plans to begin the process of an initial public offering in the United States.
Alibaba said in a statement it wants to become "a more global company and enhance the company’s transparency." The company could raise more than $15 billion in its IPO, more than Facebook raised in its public debut, and analysts estimate Alibaba has a value of at least $140 billion, Reuters reports. The e-commerce kingpin has a unique model that's part eBay, part Google and part PayPal, and its platforms handle more goods than eBay and Amazon combined.
The Hangzhou, China-based company employs more than 20,000 and is currently in talks with Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs Group, J.P. Morgan, and Morgan Stanley for lead underwriting roles.