Alibaba Group Holding Ltd. plans to list its shares on the New York Stock Exchange, cementing the 222-year-old market’s newfound strength in technology companies.
The decision is a blow to the Nasdaq Stock Market which was competing to become the venue for what could be the largest-ever IPO in the U.S. Alibaba named the exchange in a filing today, saying it plans to use the ticker “BABA.”
For Alibaba, picking Intercontinental Exchange Inc.’s NYSE would also make it a standout on the Big Board as the third-largest technology company listed there. With an estimated value of about $168 billion, according to a survey of analysts in April, Alibaba would rank behind only International Business Machines Corp. and Oracle Corp. among technology companies listed on the NYSE, data compiled by Bloomberg show.
“The momentum shifts back and forth between the two exchanges as far as IPO wins, and now it’s shifted back to the NYSE,” Richard Repetto, an analyst at Sandler O’Neill & Partners LP in New York, said in a phone interview.
The ticker BABA -- in addition to reflecting the company’s name -- repeats the Chinese word for the number eight, “ba.” Chinese consider the number to be lucky because “ba” sounds like the word for prosperity, “fa.”
http://www.bloomberg.com/news/2014-0...rgest-ipo.html
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