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Chinese Internet giant Alibaba aiming for $24.3-billion IPO

Chinese Internet giant Alibaba aiming for $24.3-billion IPO

Alibaba Group Holding has set the price range of its initial public stock offering $60 to $66 a share and hopes to raise a record-shattering $24.3 billion in what would be the biggest IPO ever.

At $66 a share, the Chinese Internet behemoth would be valued at about $163 billion.

"It was very close to what I expected," said Francis Gaskins, director of research for in Marina del Rey. "At that price range, it'll do very well."

Alibaba can now begin pitching the deal to investors; its so-called road show is expected to begin Monday in Asia. It's during the road show that institutional investors request the number of shares they want and say...