Alibaba, the Chinese e-commerce powerhouse named after a fabled, poor woodsman who discovers a thieves’ den full of treasures, is ready to strike it rich on the New York Stock Exchange.
The company priced its initial public offering of stock at $68 per share on Thursday, the top end of the expected price range, according to Alibaba. The stock is expected to start trading Friday under the ticker “BABA” on the NYSE. The IPO values Alibaba at $167.62 billion. That’s bigger than the current market value of Amazon, Cisco and eBay.
The company has enjoyed a surge in U.S. popularity over the past two weeks as investors met with executives.
Demand has been so high that the company raised its expected offering price to $66 to $68 per share from $60 to $66 per share on Monday, setting the stage for what is expected to be the biggest-ever IPO.
Alibaba is offering 320.1 million shares for a total offering size of $21.77 billion.
