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Chinese e-commerce company Alibaba priced its U.S. initial public offering for $68 per share — at the top of the expected range. Alibaba, which not only dominates the market in its home country but also has designs to expand aggressively abroad, is expected to begin trading at the New York Stock Exchange Friday morning.
If Alibaba's offering plans have not changed, a $68 per share IPO will have raised $21.77 billion and value the company at $167.62 billion. That's bigger than the current market value of Amazon, Cisco, and eBay, and would be the largest IPO in world history. The firm was expected to price within a range of $66 to $68, with advisers recommending $68.