Chinese e-commerce giant Alibaba has priced its IPO at $68 per share, valuing the company at $US168 billion ($A187 billion) and more than eBay, Twitter and LinkedIn combined,the New York Times reports.
The company will begin trading on the New York Stock Exchange on Friday, in what will be one of the biggest stock sales on record, surpassing the likes of Facebook and General Motors.
Alibaba could still raise more money if its underwriters make use of an overallotment option to sell more shares, giving its float a chance to become the biggest IPO ever.
The company’s main pitch to investors has been the enormous potential for growth in China as more citizens log onto the internet to shop for goods.
Co-founder Jack Ma, a former English teacher who created the company in 1999, will raise $US867 million by selling a portion of his shares, with his remaining holdings valued at more than $US13.1 billion.
Kye began his career at a Fairfax daily on the North-West Coast of Tasmania. He has since taken his belongings, and keen interest in technology, to Melbourne. He has a bachelor of Arts majoring in Political Science from the University of Tasmania and a Graduate Diploma in Journalism from RMIT University.
