The word in financial circles is that Alibaba's upcoming IPO is heavily in demand. Today that speculation was backed up by the numbers.
Alibaba increased its target IPO price range to between $66 and $68 a share. That's a nice jump from earlier this month when the company was predicting a range of $60 to $66 a share.
The stock is expected to start trading on the New York Stock Exchange under the ticker "BABA" later this week, mostly likely on Friday.
The Chinese e-commerce giant founded by Jack Ma is on track to be the largest IPO in world history. At $68 a share, the IPO would raise $25 billion if the underwriters also claim their shares. That's more than Visa (V)'s 2008 offering or Facebook (FB, Tech30)'s 2012 stock debut.
CNN reports on how Alibaba got its name and more: