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.
[Reuters]
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- Coco Gauff Is Playing for Herself Now
- Scenes From Pro-Palestinian Encampments Across U.S. Universities
- 6 Compliments That Land Every Time
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com