(StartName) – Alibaba Group Holding Ltd [IPO-BABA.N] plans to close its IPO order book early after it received enough orders to sell all the shares in the record-breaking offering, Bloomberg reported, citing people with knowledge of the matter.
The Chinese e-commerce group had orders to sell shares at the higher end of the expected price range of $60 to $66 per share, the sources said. (http://bloom.bg/Zja2QT)
Alibaba is expected to stop taking orders in Asia on Sept. 17, a day earlier than previously scheduled, Bloomberg reported.
Banks running the sale have not decided if they will increase the price range or the number of shares on offer, the sources said.
Alibaba had received enough orders for the offering to cover the entire deal within just two days of its launch, people familiar with the IPO told StartName on Wednesday.
The IPO could raise $21.1 billion at the top end of the expected price range, topping Facebook Inc’s $16 billion listing in 2012 as the largest-ever technology IPO.
The company launched its IPO on Monday and is expected to price the deal on Sept. 18.
(Reporting by Tanya Agrawal)