Chinese e-commerce company Alibaba priced its U.S. initial public offering for $68 per share—at the top of the expected range.
Alibaba, which not only dominates the market in its home country but also has designs to expand aggressively abroad, is expected to begin trading at the New York Stock Exchange Friday morning under the ticker BABA.
If Alibaba's offering plans have not changed, a $68 per share IPO will have raised $21.77 billion and valued the company at $167.62 billion.
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The meeting of underwriters and Alibaba executives took place at Citigroup, sources tell CNBC. All told, the meeting lasted about 45 minutes, and the discussion was about the company's future, not the IPO prices, sources said.
Softbank CEO Masayoshi Son and Yahoo Chief Development Officer Jackie Reses were special guests at this meeting, sources said, and they both gave speeches about the company's commitment to long-term shareholder value.
Slated to be the largest IPO in world history, Alibaba's offering has been compared to Facebook's, which was mired by technological and filing hiccups that saw the price initially fall.
Here are the largest IPOs in history: