The world’s biggest e-commerce company says it is planning to create a billion dollars a month in revenue this year, boosting the prospects of an IPO that would be worth up to $1.5 billion.
In its latest quarterly earnings report, Alibaba Group Holding Co. reported that it raised $2.3 billion in cash and $2 billion in equity in its initial public offering (IPO) of its Alibaba Group, Inc. (Alibaba).
The company also said it had made $1 billion in sales of its digital currency, which it called Alipay.
The IPO, which will be offered at $1 per share, will offer Alibaba a market value of $5.5 trillion, up from $4.3 trillion at the end of last year.
The company is the world’s largest e-tailer, and it has grown to become a leader in e-wallet services and e-book readers.
The news comes as the U.S. Federal Reserve is expected to start its review of the financial system’s risks to the economy in the second quarter.
Alibaba’s stock fell almost 5 percent to $42.65 at the close of trading in Hong Kong on Tuesday.