Investors aren’t the only ones in a frenzy these days over Alibaba Group Holding Ltd., which hopes to raise as much as $24 billion in an initial public offering next week.
Squeezed by high prices at home, Brazilian consumers in search of bargains are flocking to the Chinese e-commerce giant. In July, more than 12 million browsed Alibaba’s AliExpress website, a unit of Alibaba.com. That’s almost triple the reach of eBay Inc.’s marketplace in Brazil and up sharply from the site’s 1.5 million unique visitors a year earlier, according to research firm comScore. From June to July alone, the number of visitors in Brazil jumped 40%.