Chinese Internet Giant Alibaba Files for Massive IPO

Jack Ma, founder and executive chairman of Alibaba
Jack Ma, founder and executive chairman of Alibaba
 

Chinese Internet behemoth Alibaba on Tuesday filed for a $1 billion initial public offering and will trade either on the New York Stock Exchange or the NASDAQ under a symbol to be determined later.

The numbers can change, but once the company goes public it could be valued at somewhere between $170 billion and $250 billion, analysts estimate. Yahoo will will profit handsomely from the IPO given that it owns 24 percent.

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Alibaba was founded in 1999 by a former English teacher, and it now accounts for as much as 80 percent of all e-commerce in China.

According to filings, Alibaba's revenue was $6.5 billion in the nine months ended Dec. 31 and its net income was $2.9 billion for that period. 

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Credit Suisse is the lead underwriter of what could be the biggest IPO in history.

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