China’s e-commerce giant Alibaba is set to start a two-week roadshow for its initial public offering, or IPO, starting today. The IPO, which is worth more than 20 billion US dollars, will be the biggest offering to ever hit the US stock market.
This past Friday, Alibaba disclosed the IPO price range for the first time, which stood between 60 and 66 dollars. According to its amended filing to the Securities and Exchange Commission, Alibaba will offer a total of 320 million American Depositary Shares, or ADS’s.
123 million of the shares come from different shareholders including Yahoo, while the rest come from executive chairman Jack Ma and executive vice chairman Joe Tsai.
Alibaba submitted the IPO filings to the SEC on May 6th, but the final decision will be made after the roadshow. Its debut on the New York Stock Exchange is set for later this month.