Alibaba has filed its initial public offering application with the Hong Kong bourse this week, hoping to raise up to USD 20 billion in the market, Bloomberg reports, citing unnamed sources familiar with the matter.
The listing application from Alibaba was filed confidentially without disclosing financial details, but the size of the deal could potentially be the largest share sale since 2010, according to Bloomberg.
The Chinese e-commerce giant said it would not “comment on market rumors” when contacted by KrASIA.
Alibaba went public in New York in 2014 and raised USD 25 billion after failing to reach an agreement with Hong Kong Exchanges and Clearing (HKEX) which operates Hong Kong’s stock market, HKSE, over its ownership structure.
HKSE has since changed its regulations and allows companies with a dual-class share structure to float shares.
“This is not unexpected. People who travel far will come back home one day. I think coming back home is a certainty as long as we can solve their problems,” HKEX boss Charles Li told media when asked about Alibaba’s secondary listing last month.