Alibaba is targeting a September 16 initial public offering on the New York Stock Exchange, sources tell FOX Business. A person familiar with the matter says bankers preparing the massive deal are working on a new timeline with the investor roadshow kicking off on September 3 in Hong Kong and Singapore.
According this timeline, Alibaba plans to deploy at least two teams of executives to raise money in London, New York, Boston, Los Angeles and San Francisco after stops in Asia. The e-commerce giant may add more U.S. cities to its itinerary as it attempts to raise more than $20 billion.
Bankers hope to list before the Jewish high holidays kick off on September 24, according to two people familiar with the planning. This timeline is still fluid; a spokesperson for Alibaba had no comment.
On Tuesday, Alibaba posted an updated SEC filing showing it has revised its relationship with the parent company of its payment affiliate Alipay. The amendment would increase Alibaba’s potential financial gain to 37.5% of Alipay’s entire financial business if Alipay goes public or is sold.
Alibaba also agreed to sell its small- and medium-size enterprise loan division to Alipay’s parent company for $518 million.
Jo Ling Kent joined FOX Business Network (FBN) as a reporter in May 2013.