Alibaba lifts IPO price range to $66-68
Strong investor demand for Alibaba's upcoming stock-market debut has prompted the Chinese online retail giant to lift its offer price in what is set to be the biggest initial public offering (IPO) in history.
Alibaba, which plans to float on the New York Stock Exchange this Friday, has set its price for the listing at $66-68 a share, up from the initial $60-66 range.
This means that the company could raise up to $25bn from investors, which will go towards its expansion, including operations in the States.
It's debut is set to surpass the precious record $22.1bn raised by the Agricultural Bank of China in its 2010 IPO.
Alibaba's new offer price values the company at as much as $168bn, larger than Amazon.com which was valued at $150bn at the close on Monday.
The company will trade under the ticker 'BABA'.