Alibaba Prepares IPO to Raise $4 Billion

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108680884Alibaba, the preeminent e-commerce company in China, apparently has decided to have an initial public offering to raise as much as $4 billion.

The decision probably is unrelated to the partial retirement of CEO and founder Jack Ma. Alibaba may believe that, with the Facebook Inc. (NASDAQ: FB) IPO debacle now months old, it can tap the markets.

According to Bloomberg, Alibaba:

… hired Credit Suisse Group AG and Goldman Sachs Group Inc. to arrange an initial public offering, said two people with knowledge of the matter.

The IPO may raise $3 billion to $4 billion in Hong Kong this year, said one of the people, who asked not to be identified because the information is private. John Spelich, a Hong Kong-based spokesman for Alibaba, declined to comment on the sale plan.

Filed under: 24/7 Wall St. Wire, Internet, IPOs Tagged: FB
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