Alibaba Group Holding Ltd is planning to increase the size of its initial public offering due to strong investor demand, Bloomberg reported, citing people with knowledge of the matter.
The Chinese e-commerce company plans to increase the top end of the price range to above $70 and plans to announce the new price range as early as Monday, Bloomberg said.
Reuters reported on Friday that Alibaba plans to close its IPO order book early after it received enough orders to sell all the shares in the record-breaking offering.
Alibaba, could set a new record for the world's biggest IPO if underwriters exercise an option to sell additional shares to meet demand, putting it as high as $24.3 billion and overtaking Agricultural Bank of China Ltd's $22.1 billion listing in 2010.
The company launched its IPO last week and is expected to price the deal on September 18, and will start trading a day later.
Alibaba spokeswoman Florence Shih declined to comment on the report.