Previously estimated to raise a record-breaking $24.3 billion in its IPO, the China-based e-commerce company will reportedly price its stock even higher.
Chinese e-commerce company Alibaba, which is poised to make US stock market history with its initial public offering, could boost the price of its shares by the end of the day, according to a Reuters report Monday.
Based on the "overwhelming" investor demand Alibaba is seeing for its shares, the company is considering raising its IPO stock price range, people "familiar with the deal" told Reuters.
Alibaba declined CNET's request for comment on the topic.
Earlier this month, Alibaba announced it would price its shares between $60 and $66, potentially nabbing up to $24.3 billion in the offering -- which would make it largest US initial public offering. If Alibaba ups the price of its shares, the company could raise even more. It's not clear how high the price range may go, but Bloomberg reported it could top $70 per share.
The current record holder for top Internet public offering is Facebook, which raised $16 billion in 2012. If successful, Alibaba's IPO could beat out Facebook as well as Visa, which raised $19.1 billion in 2008 -- the largest IPO in US history thus far.
Alibaba plans to list its shares under the symbol "BABA" with the New York Stock Exchange.
While not a household name in the US, Alibaba is the dominant force in Internet retail in China. The company owns several e-commerce sites, including Taobao, a consumer-to-consumer marketplace similar to eBay, and TMall, a shopping hub for brands like Apple and Gap to sell direct to customers.
Alibaba's rapid growth -- the company's revenue rose 66 percent in its fourth quarter of 2013 -- has come largely from China and surrounding areas, but it is widely viewed as a potential threat online retail sites, such as Amazon and eBay in the US, as it eyes international expansion.
In June, Alibaba launched a new marketplace, called 11 Main, to competes in the US, but it is unclear if the site has gained traction with consumers and merchants. Alibaba founder Jack Ma said on Monday that his company will eye further competition with US and European e-commerce companies in the coming months and years.
Alibaba is expected to amend its US Securities and Exchange Commission filings on Monday with its updated pricing, according to Reuters' sources. The company could go public this week.
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