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Alibaba files for US IPO

Chinese e-commerce giant Alibaba has formally filed to go public in the US in a bid to raise $1 billion.

However, the IPO is expected to ultimately raise $15 billion to $20 billion, surpassing Facebook’s $16 billion in 2012.

The listing could value it at around $200 billion, more than that of Facebook, eBay and Amazon.com.

Alibaba operates e-commerce portals Tmall and Taobao as well as online payment provider Alipay.

“Although the value of Alibaba has been focused on the strength it has in the e-commerce space and its ability to expand outside of China, it is worth noting that the company has great potential to grow in the domestic market,” said Nicole Peng, research director for Canalys China. “And at this point an IPO is important to support its accelerating expansion.”

Alibaba, founded by Jack Ma, recorded a total gross merchandise volume on its platforms exceeding $248 billion in 2013.

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