Alibaba is the world's largest marketplace for wholesale goods coming out of the Asian manufacturing markets which makes its one of the largest distributors of goods in the world. Today Alibaba took the next step that will allow it to become one of the most powerful companies on earth by filing for its initial public offering with the US Securities and Exchange Commission.
While no official numbers were released, it is expected that Alibaba has filed the IPO for $1 billion, a very small number when compared with that industry analyst expect the company to raise. Many are expecting Alibaba to raise more than $20 billion based on its consistent annual growth and earnings. To put things into perspective, Alibaba ships over 100 million packages every day and pushes out a gross merchandise volume of more than $80 billion. Ebay, the US' closest thing to Alibaba, only manages a GMV of $20 billion. If its any indication of how big this could be, the IPO is being underwritten by almost all of the major players on Wall Street including: Goldman Sachs, JPMorgan, Morgan Stanley, Citigroup, and Credit Suisse.
- >> NEXT STORY: Nintendo has now been unprofitable for three straight years
- << PREVIOUS STORY: The US Navy unveils its own e-reader that is safe for submarine use