Alibaba, the Chinese Internet giant, is planning to file for an initial public offering in New York as soon as next month, a person briefed on the matter said Friday.
The potential stock sale would be one of the biggest in history, almost certain to at least rival Facebook’s $16 billion offering in 2012.
No underwriters have been formally selected. Two banks that have long advised Alibaba, Credit Suisse and Morgan Stanley, are expected to play major roles. Other banks are expected to be added over time.
The selection of New York would come as a snub to the Hong Kong Stock Exchange, which has resisted overtures to bless Alibaba’s partnership structure, in which a group of insiders would maintain some control of the company’s board. The rules of the Hong Kong exchange prohibit corporate structures that let minority shareholders preserve control of companies.
“We have no timetable, no venue and no underwriters hired for an IPO event,” a spokesman for Alibaba said Friday.
Representatives for Credit Suisse and Morgan Stanley declined to comment.
Business, Pages 25 on 03/17/2014