As Alibaba Group prepares for what could be the world's biggest technology initial public offering, it appears the Chinese e-commerce firm could make its first trade during the first week of August, sources tell CNBC.
After weeks of anticipation, Alibaba filed for a nominal $1 billion initial public offering on May 6. The Securities and Exchange Commission, which regulates the securities markets in the United States, is currently reviewing that F-1 filing. It could raise any number of questions with the company, including everything from the F-1 form itself to the firm's business model. In any case, sources say Alibaba will likely take a few weeks to respond.
If Alibaba is able to appease any concerns raised by the SEC, the firm will look to go public during the first week of August, sources say. There is speculation the stock might even make its first trade on Aug. 8, since the number 8 is considered lucky in Chinese culture. However, Aug. 8 might be unlikely since it falls on a Friday, preventing the stock from being traded in the Asian markets.
If not the first week of August, Alibaba would likely postpone its stock market debut until after Labor Day, when people return from summer vacation, sources say.
