Alibaba IPO could raise up to $24.3B, breaking records along the way

Alibaba Chairman and former CEO Jack Ma is about to make history with the company's massive IPO. ChinaFotoPress, ChinaFotoPress via Getty Images

Chinese e-commerce company Alibaba could raise up to $24.3 billion with its highly anticipated, and historic, initial public offering.

Alibaba plans to sell its stock for a price between $60 and $66 per share, according to a US Securities and Exchange Commission filing published Friday. This means the company could raise up to $24.3 billion, making it the largest public offering in US history. It also puts the company's value at about $155 billion at the midpoint of the range, according to The Wall Street Journal.

Alibaba is the dominant force in Internet retail in China, owning several e-commerce sites. Its most notable consumer portals are Taobao, a consumer-to-consumer marketplace similar to eBay, and TMall, a shopping hub for brands like Apple and Gap, to sell direct to customers. While the company was best known in the US for its connection to Yahoo -- the tech company owns a minority stake in Alibaba -- the upcoming IPO has it making headlines on its own. Shares should start trading later this month.

If successful, Alibaba's IPO will raise even more than Facebook, the world's largest social network, which currently takes the top slot for an Internet public offering at $16 billion raised. Additionally, Alibaba could also beat out Visa, which raised $19.1 billion in 2008 -- the largest IPO in US history thus far.

Alibaba plans to list its shares under the symbol "BABA" with the New York Stock Exchange.

Alibaba's IPO could also mean a new major player in online retail in the US. Established in 1999, the company has become a leader in e-commerce with a hyper-growth rate trumping better-known US competitors such as Amazon and eBay. The company's revenue rose 66 percent in its fourth quarter of 2013. In contrast, Amazon's revenue rose 22 percent while eBay's climbed 14 percent.

Alibaba launched a new marketplace, 11 Main, this summer that competes with Amazon and eBay, but it's unclear if it's had any traction among consumers or merchants.

CNET has contacted Alibaba for comment and will update this report with any new information.

Correction, 4:51 p.m. PT: The original article misstated the amount raised by Facebook's IPO. It is $16 billion.

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Square trying to raise cash on $6 billion valuation, report says

Square

Square, the mobile payment-processing company started by Twitter co-founder Jack Dorsey, is trying to raise a new round of financing, according to a report.

Square is attempting to raise $200 million on a $6 billion valuation in its latest round of financing, CNBC reported Tuesday, citing people with knowledge of the company's plans. The Government of Singapore Investment Corporation, essentially a venture-capital arm for that country, could lead the round, according to the report.

Square, which processes billions of dollars in transactions each year through its mobile card-swiping device that allows users to take credit card transactions through smartphones and tablets, has been growing rapidly. Its valuation has grown in parallel. Earlier this year, Square allowed some employees and other owners to divest shares in a fundraising effort. At that time, the company valued itself at $5 billion.

The issue for Square has been competitive forces and margins. A wide range of companies, including major firms, like PayPal and Amazon, are vying with Square for mobile payments, making its pitch to customers more difficult. Meanwhile, Square is generating just 2.75 percent of revenue on all transactions made through its system. It then needs to pay credit card companies for the processing, leaving some investors wondering whether the company can be a long-term profit-generating business. As of this writing, Square is not believed to be profitable, though a CNBC report suggests Square could hit that mark next year.

If Square is successful at raising $200 million, it would be a major cash infusion for the company. Since its founding, Square has raised $350 million in venture funding.

CNET has contacted Square for comment. We will update this story when we have more information.

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