Alibaba, the Chinese Internet commerce giant coming to U.S. markets soon in the form of an initial public offering, just unveiled which exchange the much-anticipated stock will trade on. The New York Stock Exchange won the big name in yet another step toward a huge IPO.
The world's largest e-commerce company is reportedly set to make the biggest initial public offering in U.S. history. Alibaba Group Holding Ltd., based in China, filed the paperwork with the Securities and Exchange Commission on May 6, and it could raise up to $1 billion. According to CNN, the New York Stock Exchange (NYSE) and Nasdaq are competing for Alibaba's presence on their exchange. Alibaba, said to be a mixture of Amazon.com, eBay, and Google rolled into one company, earned a net income of approximately $1.4 billion in 2013 on $5.6 billion in revenue courtesy of 231 million active buyers.
