Chinese e-commerce company Alibaba set the stage for the biggest IPO ever as it looks to raise $21 billion sometime in September. Conway G. Gittens reports.
The drumbeat towards Alibaba's record-setting tech market debut gets louder. The Chinese e-commerce company filed with U.S. regulators to price its initial public offering between $60 and $66 a share, that could raise more than $21 billion. At the high end, Alibaba could be worth nearly $163 billion right out of the gate. Founder Jack Ma, in the filing, says, "From the very beginning our founders have aspired to create a company founded by Chinese people but that belongs to the world." A roadshow is set to begin in next week, sources say. Yahoo, which holds a 22 percent stake in Alibaba, surged to a one percent gain after the filing.