Washington, Mar. 17 (ANI): China's e-commerce giant Alibaba has reportedly confirmed that it will make its IPO debut in the US to reach the valuation of 130 billion dollars.
The company said that a US IPO would make it a more global company and enhance the company's transparency.
According to Cnet, Alibaba, which controls nearly 80 percent of China's Internet shopping market, is expected to raise more than 15 billion dollars, which would directly challenge Facebook's record Internet IPO, which raised 16 billion dollars in 2012.
Alibaba provides marketplace platforms and provides listing and advertising services that allow merchants to sell goods directly to consumers.
The report said that Alibaba's public debut could be seen as a boon for Yahoo, which still owns 24 percent of the China e-commerce giant.
It is not confirmed on which US stock exchange Alibaba would list. (ANI)