ALIBABA TO RAISE $21 BILLION IN IPO

Alibaba is set to raise $21 billion in its IPO, with shares expected to be priced between $60 and $66, according to a filing with the SEC.

The company's updated filing shows that it plans to offer up to 320 million shares, and at these prices, the company would be about $160 billion at the midpoint of this range. At this valuation, the company would be one of the largest IPOs in U.S. stock market history.

Earlier on Friday, CNBC reported that Alibaba plans to begin trading on the New York Stock Exchange on September 19.

Alibaba is set to begin its roadshow next week, and its offering is expected to price on September 18, with the stock set to trade under the ticker 'BABA.'

More to come ...