Sep 15, 2014 5:13 PM
Alibaba raises IPO price range on strong demand
The Associated Press
NEW YORK (AP) Alibaba now plans to raise up to $25.03 billion in its upcoming IPO, making what was expected to be the biggest stock market debut even bigger.
The Chinese e-commerce company says it plans to sell 368.1 million shares at $66 to $68 apiece, according to a regulatory filing. Previously it had set the range for $60 to $66 apiece.
Alibaba has emerged as a hot commodity because of its e-commerce bazaar, a shopping magnet for businesses and consumers alike as China's economy steadily grows. The company's network of sites includes Taobao, Tmall, and AliExpress, as well as Alibaba.
Alibaba has been meeting with potential investors over the past week, and demand spurred the increase. Alibaba is expected to start trading later this week under the ticker 'BABA' on the NYSE.