Alibaba Just Cranked Up Its IPO Price Range To $66-$68

Alibaba has raised the price range for its initial public offering.

The Chinese e-commerce giant has raised its IPO pricing range from to $66-$68 from $60-$66, according to an amended filing with the SEC.

The IPO price range is what investors who buy shares before the stock begins trading on an exchange - usually large institutional investors like mutual funds or hedge funds - are expected to pay for the stock. Alibaba shares may still open for trade on the NYSE at a price higher than where the IPO prices.

At the midpoint of the new range, the company would raise about $21.4 billion, with the value of the company set at a bit more than $165 billion.

At the midpoint of the new range, the 121 million shares Yahoo is set to sell would be worth more about $8.1 billion. Following the offering, Yahoo is set to still hold a 16.3% stake in Alibaba; Yahoo currently holds a 22.6% stake in the company.

According to Bloomberg, Alibaba is expected to price its IPO on Thursday night trading in New York set to being Friday morning.