Alibaba will price within its existing range of $66 to $68 a share, CNBC has learned from sources familiar with the situation.
Advisors have recommended a price of $68 a share, which Chinese consider a lucky number. Ultimately, Alibaba will choose the final price, which will depend on a board meeting on Thursday.
The company's management is playing a "hands-on" role in allocating shares.
—By CNBC.com Staff with reporting from CNBC's Kayla Tausche