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Alibaba Group Holding Ltd has decided to list on the New York Stock Exchange giving a blow to the rival Nasdaq bourse.
Chinese e-commerce Company which handles more than 80 percent of online retail transactions in the world’s second-largest economy, will list under the symbol “BABA,”
Alibaba Group Holding Ltd is expected to make its debut soon in what could be the largest U.S. tech IPO. It is expected to eclipse Facebook Inc’s $15 billion initial share sale in 2012.
Alibaba would be the largest Chinese company to list on U.S. exchanges by far, with an estimated valuation north of $200 billion. Its debut will mark a major victory for the New York Stock Exchange, which was acquired by Intercontinental Exchange Inc for $11 billion in November.
Nasdaq had easily scored the most tech IPOs every year from 1999 until 2012, when NYSE pulled even. The NYSE pulled ahead last year, and it won the most coveted tech debut of the year. The reversal has been attributed partly to Nasdaq’s high-profile bungling of Facebook’s market debut in 2012, and partly to changes NYSE made to its listing standards in 2008 to make it easier for smaller, growing companies to qualify.
The NYSE however led the Nasdaq in terms of overall listings in the first half of this year, the busiest period for stock debuts since 2011, accounting for $19.8 billion in total IPO proceeds, 61 percent of all U.S. IPO fund-raisings.