Hong Kong - Chinese e-commerce portal Alibaba.com has raised $1.5 billion in its initial public offering (IPO) over the weekend, The Wall Street Journal reported.

Shares of the company will begin trading on the Hong Kong stock market on Nov. 6.

Among institutional investors were Yahoo, which holds a 39% stake in Alibaba Group, and took about $100 million in shares, and seven others, whose combined investment represented about $296 million of the offering.

Alibaba.com claims 24.6 million registered members, and over 255,000 paying subscribers.

Alibaba Group said proceeds from the offering will be spent on acquisitions and development both in China, and overseas.

Related Links:
http://tinyurl.com/35qyhl (AP)

http://www.alibaba.com