China's e-commerce giant Alibaba is kicking off a two-week roadshow for its initial public offering, or IPO, starting today. The IPO, with an estimated worth of over $20 billions, will be the biggest offering to ever on the US stock market.
On Friday, the company unveiled the IPO price for the first time, at a range between $60 and $66. 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. Alibaba will offer 123 million of the shares while shareholders of the company including Yahoo!, its executive chairman Jack Ma and executive vice chairman Joe Tsai will provide the rest.
Alibaba submitted the IPO filings to the SEC on May 6th, but the final decision will be announced after the roadshow. Its debut on the New York Stock Exchange is set for a later date this month.