Chinese e-commerce giant Alibaba has finally commenced the process of its initial public offering in the US.
The IPO could help the company raise as much as $15 billion and could value the business at more than $100 billion.
“Alibaba Group has decided to commence the process of an initial public offering in the United States. This will make us a more global company and enhance the company’s transparency, as well as allow the company to continue to pursue our long-term vision and ideals,” said the company in a statement.
‘‘Should circumstances permit in the future, we will be constructive toward extending our public status in the China capital market in order to share our growth with the people of China,’’ it says.
Alibaba’s move to list in the US comes at a time when China’s microblogging site Sina Weibo also filed for a US IPO to raise up to $500 million.
As part of its ambition to become a global e-commerce player, Alibaba, through its subsidiaries Vendio and Auctiva, will launch an e-commerce in the US called 11 Main that will offer products from “hand-picked’ shop owners.
It has also invested around $200 million in the US online site ShopRunner in October 2013.