Alibaba has selected the New York Stock Exchange for IPO
Alibaba Group is planning to list its shares on the New York Stock Exchange, unfortunately for the Nasdaq Stock Market. Nasdaq was competing against the NYSE for the Alibaba IPO in the U.S.
Alibaba named the exchange in a filing yesterday. Alibaba will be using the ticker “BABA.” Alibaba would be the third largest technology company listed on the NYSE with an estimated value of around $168 billion. Alibaba would be behind IBM and Oracle, according to Bloomberg.
“BABA” reflects the company’s name and repeats the Chinese word for the number eight “ba.” People in China consider the number 8 to be lucky because “ba” sounds like the word for prosperity: “fa.” Alibaba filed for the IPO in May and is looking to sell around a 12% stake, which could raise as much as $20 billion.
“We are pleased to welcome Alibaba Group to the New York Stock Exchange where they will join our network of the world’s best companies and leading brands,” stated NYSE’s Eric Ryan.