Services & Software

Alibaba raises price range of massive IPO due to demand

With its IPO already expected to be record-breaking in the US, the Chinese company will price its stock even higher. That could translate to $25 billion.

A look at Alibaba's key stats from its F-1 filing. Screenshot by Shara Tibken/CNET

Chinese e-commerce company Alibaba, which is poised to make US stock market history with its initial public offering, boosted the price of its shares Monday.

The company filed an amended F-1 filing with a new price range of $66 to $68 a share.

The decision was based on the "overwhelming" investor demand Alibaba is seeing for its shares, a source "familiar with the deal" told Reuters. Alibaba declined CNET's request for comment on the topic.

The company could go public this week.

Earlier this month, Alibaba announced it would price its shares between $60 and $66, potentially nabbing up to $24.3 billion in the offering -- which would make it the largest US initial public offering. With Alibaba's new pricing, ranging from $66 to $68, the company could make a little more than $25 billion.

The current record holder for top Internet public offering is Facebook, which raised $16 billion in 2012. If successful, Alibaba's IPO could beat out Facebook as well as Visa, which raised $19.1 billion in 2008 -- the largest IPO in US history thus far.

Alibaba plans to list its shares under the symbol with the New York Stock Exchange.

While not a household name in the US, Alibaba is the dominant force in Internet retail in China. The company owns several e-commerce sites, including Taobao, a consumer-to-consumer marketplace similar to eBay, and TMall, a shopping hub for brands like Apple and Gap to sell direct to customers.

Alibaba's rapid growth -- the company's revenue rose 66 percent in its fourth quarter of 2013 -- has come largely from China and surrounding areas, but it is widely viewed as a potential threat online retail sites, such as Amazon and eBay in the US, as it eyes international expansion.

In June, Alibaba launched a new marketplace, called 11 Main, to competes in the US, but it is unclear if the site has gained traction with consumers and merchants. Alibaba founder Jack Ma said on Monday that his company will eye further competition with US and European e-commerce companies in the coming months and years.

Updated, 3:46 p.m. PT: The headline and story have been changed to reflect new information from Alibaba's amended F-1 filing.