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Chinese Online Retailer Files for $1.5 Billion U.S. IPO, the Chinese online retailer backed by Saudi billionaire Prince Alwaleed bin Talal, filed to raise $1.5 billion in a U.S. initial public offering.

The Beijing-based company, formerly known as 360buy Jingdong Inc., will sell American depositary shares and plans to use the proceeds to buy more land rights, build new warehouses, expand its distribution and make acquisitions, according to a regulatory filing today. Bank of America Corp. and UBS AG are managing the offering. The figure is a placeholder used to calculate fees and may change, it said.

The IPO would be the biggest in the U.S. by a Chinese Internet company, data compiled by Bloomberg show. Baidu Inc., China’s largest search engine company, raised $122 million when listing in New York in April 2005. It’s the first to publicly file since the U.S. Securities and Exchange Commission said last week that they are banning Chinese affiliates of the four biggest accounting firms for six months.

With 35.8 million active customer accounts, posted $8 billion in revenue during the first nine months of 2013, the filing showed. The company wanted to avoid listing at the same time as a potential IPO of Alibaba Group Holding Ltd., China’s largest e-commerce company, people familiar with the matter said.

The company was renamed this month, according to the filing. Alwaleed’s Kingdom Holding Co. owns about 5 percent of the company, according to the filing. Tiger Global Management LLC has 22 percent stake.

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