Alibaba eyes November for $15bn Hong Kong IPO

Alibaba Group is believed to be considering a listing in Hong Kong as early as November, according to a new report from Reuters.

The e-commerce giant, which is the world’s largest retailer, was forced to postpone its initial public offering on hold earlier this year after widespread political unrest in the city.

Sources cited by Reuters said Alibaba will seek listing approval from Hong Kong Exchanges and Clearing Ltd shortly after Singles Day on November 11.

READ MORE: Alibaba proposed 1-to-8 stock split ahead of $20bn listing

It is then expected to list its shares towards the end of November or in early December.

Alibaba is hoping to raise between $10 billion and $15 billion through the listing.

The float would be the world’s biggest equity deal for the year if state-owned oil company Saudi Aramco gets delayed to next year.

The company expects to be in a position to forgo so-called pre-marketing meetings where it meets with institutional investors before a deal launch given its size and that many investors are already familiar with the company, the sources added.

Alibaba already holds the record for the world’s largest IPO after its float on the New York Stock Exchange in 2014 raised $25 billion.

The company had initially hoped to float in Hong Kong, but was unable to due to its governing structure not meeting the city’s listing rules.

Hong Kong Exchanges & Clearing loosened its rules last year, specifically to lure overseas-listed Chinese tech giants to float closer to home.

If Alibaba’s IPO goes ahead, it would be the first to test the new system.

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