Alibaba Group is holding off on its initial public offering.
The Chinese e-commerce giant now plans to go public after Labor Day, according to reports. Alibaba has been working on a nearly $20 billion IPO and was expected to launch its offering by the first full week of August.
Alibaba has pushed out the date for the IPO since they didn’t want to rush the pre-offering work, or risk running into the late-summer market slowdown, according to reports from The Wall Street Journal and The New York Times. The Financial Times is also reported the IPO delay.
In order to hit an early August IPO-launch date, the company would have needed to begin its road show presentations to investors next week. That would include approvals from the Securities and Exchange Commission on Alibaba’s valuation and presentation plans prior to kicking off the tour.
Alibaba was unable to comment on the plans due to the IPO quiet period.