The IPO of Alibaba, the Chinese internet giant, could raise as much as $24bn (£14.7bn), analysts have said, with shares initially predicted to cost $60 (£36.75).
Planning to list under ‘BABA’ on the New York Stock Exchange, the e-commerce company is set to begin a roadshow later this month in order to meet investors.
The company turned to the New York Stock Exchange because the Hong Kong exchange does not allow companies to nominate the majority of its board following a share sale.
Alibaba operates the Taobao and Tmall online marketplaces, and includes Yahoo among its shareholders.
If the figures predicted by analysts are true, this could be the biggest stock market flotation to date.