Alibaba Group Holding Ltd increases projected IPO price range to $66 – $68, hoping to raise as much as $21.8 billion

Alibaba Group Holding Ltd, which is still preparing its Initial Public Offering that could become the largest one in the world, increased the amount it is seeking to raise on Friday to as much as $21.8 billion following strong investor demand.

According to a regulatory filing, Alibaba, the largest e-commerce company in China, is now offering its shares in the range of $66-$68 apiece. In comparison, it had announced an initial range of $60 to $66 per share. The number of shares that can potentially be sold, was not increased by the company.

The Financial Times reported that bankers running the Initial Public Offering of the company in New York had made the decision of closing the order books early due to strong early investor interest. If the shares of the Chinese company are priced at the top end of the range, Alibaba could raise $21.8 billion, or about $25 billion in case bankers, who are to carry out the IPO, exercise their right for an overallotment of shares.

Alibabas listing could surpass the results of Agricultural Bank of China Ltds IPO, which managed to raise more than $22 billion four years ago and has been considered as the worlds largest one. In case Alibabas shares are priced above the range, which is possible without additional regulatory filings, this sum could increase further.

The offering of Alibaba will be priced after the U.S. market closes on Thursday and the e-commerce giant will begin trading on Friday on the New York Stock Exchange under the abbreviation BABA.

Mr. Ma told reporters before an event at the Ritz-Carlton hotel in Hong Kong that Alibaba plans to expand aggressively in the US and Europe. He also said that the e-commerce giant missed a great opportunity to list in Hong Kong, where Alibaba was denied a listing because the Hong Kong stock exchange refused to accept its structure which allows Mr. Ma and other executives to nominate more than 50% of the board.