Alibaba Group Holding Ltd. plans to close its IPO order book early after it received enough orders to sell all the shares in the record-breaking offering, sources familiar with the matter said on Friday.
The company, which launched its IPO on Monday, is expected to price the deal on September 18 and will start trading a day later.
U.S.-based bookrunners are expected to stop taking orders from investors on Tuesday afternoon, a source familiar with the matter told Reuters.
Alibaba is expected to stop taking orders in Asia on September 17, a day earlier than previously scheduled. Bloomberg first reported that Alibaba's books would close a day early for its IPO.
A spokesman for Alibaba declined to comment.
Co-founder and executive chairman Jack Ma has spoken with investors all over the United States this week including stops in New York and Boston, presenting the company's growth strategies and addressing concerns over its corporate governance.
Banks running the sale have not decided if they will increase the price range or the number of shares on offer, the sources said. The Chinese e-commerce group had orders to sell shares at the higher end of the expected price range of $60 to $66 per share, Bloomberg said.
Alibaba had received enough orders for the offering to cover the entire deal within just two days of its launch, people familiar with the IPO told Reuters on Wednesday.
The IPO could raise $21.1 billion at the top end of the expected price range, topping Facebook Inc's $16 billion listing in 2012 as the largest-ever technology IPO.
The company launched its IPO on Monday and is expected to price the deal on September 18, and will start trading a day later.