Chinese e-commerce giant Alibaba Group Holding Ltd. will be listed on the New York Stock Exchange under the stock symbol “BABA.” The disclosure came last week in an update to the company’s initial public offering filing. The trading floor considers conducting IPOs of such a large corporation to be rather gainful as a broker gets a commission depending on the listing. In this case, the commission is expected to be rather hefty. The decision in favor of the NYSE is a blow to the NASDAQ Stock Market as the NYSE and NASDAQ have been competing to become the venue for Alibaba's IPO, which is likely to be one of the largest stock listings in the U.S. history. Besides, NASDAQ is known to attract other high-tech companies being the main rival of the NYSE. According to estimates of the Wall Street Journal, Alibaba will raise $20 billion whereas Financial Times reckons the company could sell $15-25 billion worth of shares. Interestingly, the latest record among technology giants was broken by Facebook which raised $16 billion debuting on Nasdaq. Alibaba plans to list its shares in early August. Alibaba named Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, and Citigroup as its underwriters. The ticker BABA - in addition to reflecting the company’s name - repeats the Chinese word for the number eight, “ba.” The Chinese consider the number to be lucky because “ba” sounds like the word for prosperity, “fa.” Alibaba’s management see the reference to “eight” as auspicious, and would prefer having the company’s shares begin trading on Aug. 8, after the IPO is priced the night before. Alibaba’s shares will be available for investors around the world. Though, the trading hubs will be situated in New York, London, and Hong Kong. “Alibaba is probably going to be a big offering, so they want somebody that they think can control it better and avoid the headache Facebook had,” Frank Ingarra, head trader at Greenwich, Connecticut-based North Coast Asset Management LLC, commented on the forthcoming IPO.