China's largest e-commerce company will stop taking orders from retail investors of $ 13 billion on sale later on Tuesday after seeing stronger than expected demand, a person familiar with the matter told CNN Business.
The Hong Kong listing was "repeatedly subscribed," the person said, adding that the final price retail investors will pay for the Hong Kong listing will be based on Alibaba's closing price Tuesday in New York, where the shares have been traded since 201
The company founded by billionaire founder Jack Ma collected $ 25 billion in the original offer on the New York Stock Exchange, which crushed records as history's largest stock exchange listing.
At the current price of Alibaba's New York shares, Hong Kong sales would fall below the share price of the 188 Hong Kong dollars ($ 24) the company had set as a ceiling.
But it would still raise nearly $ 13 billion if the company's bankers exercise an option to buy an ad detional shares.
Alibaba declined to comment.
Alibaba is scheduled to list shares on November 26, according to a term paper.