Chinese Internet giant Alibaba is set to launch its much anticipated US initial public offering at the start of week beginning September 8, with shares to be listed around September 18, reported the Wall Street Journal.
The upcoming listing could raise as much as 20 billion dollars, which would make the IPO one of the biggest in the history of the New York Stock Exchange. It is rumored that the online company will trade under the 'BABA' symbol.
Alibaba had previously aimed to launch its IPO by the end of August. However the Chinese e-commerce conglomerate postponed its initial plans for its listing until after the US holiday of Labour day in September, whilst undertaking the final vetting procedures with the US Securities & Exchange Commission (SEC).
The SEC will need to approve of Alibaba's IPO documentation for the Chinese Internet giant to be able to set a price and launch its offer. In the meantime, Alibaba has been busy, speeding up its acquisitions to expand its offering and reach and gather sufficient attention ahead of its IPO.