Alibaba confirms plans to list in the U.S.

|By:, SA News Editor

Alibaba has confirmed reports that it intends to carry out an IPO in New York - and not in Hong Kong - as it looks to become a "more global" and transparent company.

The Internet giant could reportedly raise over $15B in the offering, which would make it biggest U.S. IPO ever by a Chinese company. Analysts reckon that the firm's market cap could top $130B.

Alibaba hasn't decided which exchange it will list on, nor on a date.

Credit Suisse, Deutsche Bank, Goldman Sachs and JPMorgan will play major roles in the IPO, while Citigroup will have a smaller part.

Alibaba said that it might consider listing its shares in China in the future, although it didn't provide details.

Alibaba investors Yahoo (YHOO) and Softbank (SFTBF) should be in line for a healthy bonanza from the IPO.

The WSJ provides a primer on Alibaba's busines model, calling the company a "a mix of Amazon, eBay and PayPal with a dash of Google thrown in." Alibaba also has "some uniquely Chinese characteristics."

ETF: IPO (PR)