Alibaba Reportedly Plans To Launch IPO After Labor Day

(RTTNews) - Chinese e-commerce giant Alibaba Group Holding Ltd. is now planning to launch its initial public offering after the U.S. Labor Day holiday on September 1, the Wall Street Journal reported Thursday, citing a person familiar with the company.

The decision to delay the deal was made because the company could not be certain it would complete its pre-IPO work this month, the Journal quoted the person familiar with the move as saying. The goal had been to complete the IPO and have the shares trading by mid-August, before the IPO market slows.

The company is still in discussions with the Securities and Exchange Commission over finalizing its IPO paperwork, people familiar with the matter said, according to the Journal.

Alibaba filed for the IPO in May. Estimates of Alibaba's valuation suggest it could raise as much as $20 billion, surpassing Facebook Inc. (FB)'s $16.4 billion. Analysts have valued Alibaba at more than $160 billion, but that may exceed $250 billion once it starts trading.

The company said in an amended filing with the U.S. Securities and Exchange Commission that it planned list its shares on the New York Stock Exchange under the ticker "BABA."

Alibaba operates China's largest online shopping destination, Taobao Marketplace, and third-party platform for brands and retailers, Tmall. It also operates Juhuasuan, China's most popular group buying marketplace by monthly active users. Alibaba accounts for about 80 percent of all Chinese e-commerce.