Alibaba makes IPO Arrangements
Alibaba Group Holdings Ltd., which is accredited as the biggest e-commerce company in China has made certain arrangements for an initial public offering. Sources known to the matter were of the view that the company has hired Credit Suisse Group AG as well as Goldman Sachs Group Inc. (GS) to do the task.
If all things went as per the plans then experts think that the IPO may increase from $3 billion to $4 billion. When asked about the same plan, John Spelich, spokesman for Alibaba in Hong Kong, he refused to comment on the plan.
Nothing has been confirmed as yet by the company, but if the move is true then it will be the biggest Internet IPO that has been made since Facebook.
Thomas Chong, who is an expert and working with the Bank of China International Holdings Ltd, Hong Kong said that everyone is excited to know about the next move of Alibaba as it is a powerful business house. "They would be not only attracting investors from the technology sector, but also more general investors", said he.
In addition, it has been revealed that Alibaba founder Jack Ma has decided to step down from the position of chief executive officer.