Acquiring

Alibaba Chooses The New York Stock Exchange For IPO

The world’s largest e-retailer, Alibaba Group Holding Ltd., will list its shares on the New York Stock Exchange, further cementing the 222-year-old market’s dominance as they listing spot for technology companies. Alibaba also announced that it intends to use the ticker BABA.

Alibaba will be the third-largest technology company on the big board, with an estimated value between $150 billion -$200 billion. Alibaba would only trail behind IBM and Oracle Corp. among technology companies listed on the NYSE, according to data complied by Bloomberg.

“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 with the source.

The ticker name is significant, though perhaps not obviously so to a Western audience. Apart from its resemblance to the company’s actual name, BABA repeats the Chinese word for 8 (“ba”).  In China 8 is considered an auspicious numbers because “ba” sounds like the word for prosperity, “fa.”

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