Chinese Internet giant Alibaba filed for a $1 billion IPO on Tuesday, much lower than markets had expected.
The company is considered a mix of Amazon.com, Paypal and eBay and is China's largest Internet company.
The amount is considered a placeholder number for what eventually could become the largest technology debut ever.
Alibaba,
which powers four-fifths of all online commerce conducted in the
world's second-largest economy, becomes the largest Chinese corporation
to have sought a home on U.S. bourses.
Its
IPO has spurred levels of excitement in Silicon Valley and Wall Street
circles unseen since Facebook Inc's record-breaking $16 billion
coming-out party in 2012.
The
proposed IPO size in Tuesday's filing is an estimate for the purpose of
calculating exchange registration fees. Analysts expect the company to
eventually raise an amount surpassing Facebook's, garnering a market
value of more than $160 billion.
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