Alibaba Group Holding, China's largest e-commerce firm with $296 billion in gross merchandise volume, announced terms for its IPO on Friday. The Hangzhou, China-based company plans to raise $20.2 billion by offering 320 million shares (62% insider) at a price range of $60 to $66. At the midpoint of the proposed range, Alibaba would command a fully diluted market value of $161 billion.
Alibaba, which was founded in 1999 and booked $9.3 billion in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol BABA. Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and Citi are the joint bookrunners on the deal. It is expected to price on Thursday, September 18 to begin trading on Friday.
