NEW YORK — Alibaba Group Holding plans to list its shares on the New York Stock Exchange, cementing the 222-year-old market’s newfound strength in technology companies.
The decision is a blow to the Nasdaq Stock Market which was competing to become the venue for what could be the largest-ever IPO in the United States. Alibaba named the exchange in a filing yesterday, saying it plans to use the ticker ‘‘BABA.’’
For Alibaba, picking Intercontinental Exchange Inc.’s NYSE would also make it a standout on the Big Board as the third-largest technology company listed there. With an estimated value of about $168 billion, according to a survey of analysts in April, Alibaba would rank behind only IBM Corp. and Oracle Corp. among technology companies listed on the NYSE, data compiled by Bloomberg show.
‘‘The momentum shifts back and forth between the two exchanges as far as IPO wins, and now it’s shifted back to the NYSE,’’ Richard Repetto, an analyst at Sandler O’Neill & Partners in New York.
Alibaba, which filed for the IPO in May, is looking to sell about a 12 percent stake, people familiar with the matter have said. That could have it raising as much as $20 billion.
The decision highlights Nasdaq OMX Group’s struggles to attract the largest technology debuts. NYSE hosted 22 of the 37 US technology and Internet IPOs in 2013, headlined by Twitter’s offering, and has already won Candy Crush-maker King Digital Entertainment’s listing this year.
Nasdaq built its reputation in the 1980s and 1990s as the home of technology companies such as Microsoft and Intel. Since 2012, it has battled negative perceptions after Facebook Inc.’s botched IPO led to investor confusion, trading delays, and millions of dollars of losses for brokerages.
‘‘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,’’ said Frank Ingarra, head trader at Greenwich, Conn.-based NorthCoast Asset Management.