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Alibaba will raise range of IPO, price will be below $70 a share: Sources

Earlier media reports that Alibaba's IPO share price would exceed $70 are incorrect, sources told CNBC Monday.

These sources indicated that there would definitely not be a seven in the share price at the time of the IPO. Bloomberg, which had reported earlier that the per share price would top $70 has since changed its report.

Reuters reported on Friday that Alibaba plans to close its IPO order book early after it received enough orders to sell all the shares in the record-breaking offering.

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Alibaba could set a new record for the world's biggest IPO if underwriters exercise an option to sell additional shares to meet demand, putting it as high as $24.3 billion and overtaking Agricultural Bank of China's $22.1 billion listing in 2010.

The company launched its IPO last week and is expected to price the deal on Sept. 18, and will start trading a day later.

Alibaba spokeswoman Florence Shih declined to comment on the report.

—By CNBC with Reuters. Kayla Tausche contributed reporting.