The listing committee of the Hong Kong stock exchange has approved the application by Alibaba Group Holding, the record holder of the largest global initial public offering, to sell up to HK$117 billion ($15 billion) of new shares in a secondary listing that would return the city as the world’s fundraising capital for the seventh time in 11 years, reported the South China Morning Post.
The green light clears the way for Hangzhou-based Alibaba to start a weeklong roadshow starting on November 13 to drum up interest from institutional and retail investors, which could help the operator of the world’s largest online shopping platform raise between $10 billion and $15 billion.
The price of each Alibaba share will be determined on November 20, said SCMP sources. Shares of the company are expected to trade in Hong Kong in the week of November 25.
