Alibaba Seeks to Raise $11B in Mega Hong Kong Stock Offering

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© Reuters. © Reuters. – Alibaba Group Holdings Ltd (NYSE:) is looking to price its shares at HK$176 each and raise about HK$88 billion ($11 billion) in a mega Hong Kong stock offering, Bloomberg reported on Wednesday citing people with knowledge of the matter.

The final price is still subject to changes and not formally set at the moment, Bloomberg said.

The offering will become one of the largest share sales globally this year, according to the article, adding that the company has already stopped taking orders from institutional investors.

The company said in a statement last week that it will be selling 500 million shares, 12.5 million of which are set aside for individual investors.

Credit Suisse Group AG and China International Capital Corp. are the joint sponsors of the share sale.

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