Chinese e-commerce juggernaut Alibaba has raised its estimated market value pending an initial public offering in New York to $168bn, after increasing the price range of its shares from $60-$66 to $66-$68.
Reflecting high demand for the stock ahead of its listing next week the move would give Alibaba a higher market value than Amazon with proceeds from the listing
The flotation is expected to be the largest listing in US history and will net the Chinese firm $25bn in cash, which will be ploughed back into expanding operations in the US and Europe.
Alibaba’s success has thus far been built solely within its domestic market, where it now accounts for 80 per cent of all online retail sales.
In the three months to the end of June Alibaba turned a profit of $2bn with sales rising 46 per cent year-on-year to reach $2.54bn.