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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.
Earlier, The Wall Street Journal reported that the firm would allow its employees and others close to the company to purchase shares at the IPO price before the stock begins public trading on the NYSE, a privilege typically only made available to professional investors and a limited amount of individual investors.
The company's roadshow, an effort to woo investors, will begin on Monday in New York City and visit a dozen cities before ending back in Manhattan on Sept. 18. The company's founder, Jack Ma, is expected to participate.
Alibaba has appointed Barclays as the designated market maker for the IPO, sources also told CNBC on Friday. Goldman Sachs will serve as "stabilization agent," people familiar with matter said, according to a Dow Jones report earlier this week.
Alibaba accounts for about 80 percent of all online retail sales in China, where rising Internet usage and an expanding middle-class helped the company generate gross merchandise volume of $296 billion in the 12 months ended June 30.
—By CNBC.com. Reuters contributed to this report.
Disclosure: CNBC has a content-sharing partnership with Yahoo's finance site.