Chinese eCommerce giant, Alibaba is reported to have filed a confidential filing for its initial public offering, IPO.
Earlier last month, we reported that Alibaba was preparing to list on the Hong Kong Exchange.
People with the knowledge of the matter have now reported that Alibaba has submitted its IPO filing to raise $20 billion.
Last year, Hong Kong Exchanges & Clearing changed its listing rules which were planned at attracting more companies to list on the exchange.
Alibaba has not commented on the IPO filing but confirmation will make the listing one of the largest in the history of the exchange.
Japan’s SoftBank holds 28.7% stake in Alibaba. The company has not issued a statement on the matter.
Reuters reported that Investment banks China International Capital Corp Ltd and Credit Suisse Group AG are leading the deal.