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Alibaba eyes $15bn Hong Kong IPO in late November–Report

Alibaba eyes $15bn Hong Kong IPO in late November–Report

Mubasher: Alibaba prepares to launch a Hong Kong share offering in the final week of November, as it targets to raise between $10 billion and $15 billion, Reuters reported, citing two sources with direct knowledge.

Alibaba’s bookbuilding and listing will take place during the week to 25 November, but the e-commerce titan will first be seeking approval from Hong Kong’s listing committee next week on Thursday.

The move, is seen as a bet by the retail giant on the Hong Kong’s status as financial hub, as the Asian city-state has been devastated by months of anti-government protests.

Alibaba topped the list of the world’s biggest listings, with its initial public offering (IPO) of $25 billion in 2014 in New York.

While the Chinese retailer did not disclose a plan for using the proceeds of the secondary listing, it is looking to extend its Chinese customer base beyond its core market in mega cities to underdeveloped areas to boost sales growth.