New billionaire Alibaba raises $21.8 bn in IPO: Report

China’s leading online retailer Alibaba, which is set to make its debut on US stock exchange on Friday, raised nearly USD 21.8 billion in one of the world’s largest initial public offering, as investors throw their heart to buy a piece of the company.

The Chinese retail giant, which priced its shares at USD 68 apiece, will be listed under the symbol BABA on the New York Stock Exchange.

The scrip of company priced at top of its band range well ahead of the initial expected range of USD 60 to USD 66.

Banks involved with the deal include Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley and Citigroup.