Alibaba Group Holding Limited’s (NYSE:BABA) grocery arm, Freshippo, will likely go public on the Hong Kong stock exchange by mid-November.
The IPO would make it the first Alibaba subsidiary to list independently after its highly publicized restructuring plans.
Freshippo offers Walmart Inc (NYSE:WMT) Sam’s Club-like supermarket experience with a dine-in restaurant and 30-minute home delivery.
Hema operates 300 new retail stores, including membership stores under its Hema X brand and discount Hema Outlets stores, mainly in China’s tier-1 cities.
Hema generated RMB 61 billion ($8.4 billion) in revenue in 2022.
In January 2022, Freshippo weighed raising funds at a valuation of $10 billion.
Price Action: BABA shares traded higher by 1.43% at $86.69 premarket on the last check Tuesday.
