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 Equities.com 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...