BUSINESS
09/05/2014 04:34 EDT | Updated 11/05/2014 05:59 EST

E-commerce company Alibaba Group seeks to raise up to $24.3 billion to set new IPO record

SAN FRANCISCO - China's Alibaba Group is seeking to raise up to $24.3 billion in its upcoming IPO, an amount that would be the most ever raised by a company heading into its stock market debut.

The e-commerce company is hoping to sell up to 368 million shares for $60 to $66 apiece. Alibaba Group Ltd. set the price target in a regulatory filing late Friday, setting the stage for the company to make its long-awaited debut on the New York Stock Exchange later this month.

At $66 per share, Alibaba would debut with a market value of $163 billion. That's more than all but a handful of technology companies that have been around for much longer than Alibaba, which Jack Ma started 15 years ago in his apartment.