Alibaba.com, the business-to-business presence of e-commerce company Alibaba Group, plans to begin its first global roadshow on October 15, according to the China Business News.

 

The first open share sale will begin as early as October 22. Shares will be priced on October 26 and listed on November 6.

 

The company plans to ultimately issue around 859 million shares. It held a promotional meeting in Hong Kong on October 8.

 

Proceeds from the issuance are to be used mainly to fund global expansion, improvement of the business-to-business platform, and development of its consumer e-commerce website Taobao and online payments arm Alipay.

 

Goldman Sachs and Morgan Stanley are the main underwriters for the initial public offering. Alibaba's business-to-business operation will net 1.159 billion yuan in 2007, up from last year's 357 million yuan, a research report released by Morgan Stanley predicted.

 

(Chinadaily.com.cn October 11, 2007)