Alibaba, the company that brought ecommerce to China through Tmall, has filed paperwork for what could be one of the largest US initial public offerings on record.
The business is seeking to raise $1bn (£588.7m), but according to The Financial Times this is a placeholder amount and Alibaba would aim to raise about $20bn (£11.7bn), surpassing the $15bn (£8.8bn) that social networking site Facebook raised in 2012.
The company’s own estimate of its valuation was between $96.9bn (£57bn) and $121bn (£71bn) last month, double what it believed it was worth at the start of the year. In April, Alibaba said it expected to raise between $40 (£23.50) and $50 (£29.40) per share.
Alibaba controls around 80% of China’s ecommerce market through its Tmall and Taobao sites, with almost $250bn (£147.2bn) worth of goods sold through its websites last year.