By Kelvin Chan
HONG KONG -- Chinese e-commerce giant Alibaba Group said Sunday that it will go public on a U.S. stock exchange in a move analysts say might raise up to $15 billion in the year's biggest initial public offering.
(See more of TheStreet's coverage of the Alibaba IPO here: "Bull vs. Bear on the Upcoming Alibaba IPO.")
The announcement ended months of speculation over where the company would list its shares, after talks for a Hong Kong stock sale fell apart last year.
Alibaba is one of the world's biggest Internet companies and says more than $150 billion worth of merchandise changes hands on its online platforms each year, more than Amazon (AMZN) and eBay (EBAY) combined.
The company began as a service to link Chinese suppliers with retailers abroad and has branched out into retail e-commerce. It is little known abroad but has launched two consumer-oriented services in the United States.
"Alibaba Group has decided to commence the process of an initial public offering in the United States," the company said in a statement. "This will make us a more global company and enhance the company's transparency, as well as allow the company to continue to pursue our long-term vision and ideals."
It gave no details of the timing or size of the initial public offering or on which exchange it would take place.
Analysts have estimated that an Alibaba IPO could raise up to $15 billion and value the company at more than $100 billion.