Alibaba is inching closer to having the largest IPO of all time.
The Chinese ecommerce giant increased the proposed price for its IPO to $66-$68 a share, according to a filing with the SEC on Monday afternoon. At the high end of that price range, Alibaba would raise about $21.8 billion and have a market cap of more than $165 billion.
Alibaba first filed to go public in May after many months of rumors, and filed earlier this monthto offer shares at a price between $60 and $66, potentially raising as much as $21 billion. The increase comes amid reports of strong demand from investors for Alibaba stock.
At the new price range, Alibaba would be the largest tech IPO of all time. However, it would not be the largest IPO ever, a title currently held by the Agricultural Bank of China, which raised just more than $22 billion from its public offering in 2010.
The price range could still increase this week before it officially prices the offering on Thursday. The company is expected to begin trading on the New York Stock Exchange this Friday.