Chinese e-commerce giant Alibaba on Friday filed to sell up to $24.3 billion in stock, making it the biggest U.S. initial public offering ever.
Alibaba is selling 123 million of the 320 million American Depositary Shares slated for the IPO at between $60 and $66 per share, according to a filing. Shareholders including Yahoo, Ma and executive vice chairman Joe Tsai are offering the remainder.
Yahoo cut its stake in the company to 16.3 percent from 22.4 percent and SoftBank cut its stake to 32.4 percent from 34.1 percent earlier, Dow Jones reported.
Alibaba's intent is to sell about 320.1 million ADS, worth just over $21 billion at the maximum offering price.
However, it is also accounting for the possibility that underwriters may choose to buy more shares after the offering, which is why it listed a proposed maximum offering price of $24.3 billion.
The much-anticipated sale or IPO could raise more than $20 billion, making it the biggest technology listing in the United States.