BREAKING: Alibaba IPO Price Raised By Kyle Anderson

The Alibaba IPO price is heading higher, according to a Reuters report today (Monday) that says Alibaba Group Holding Ltd. (NYSE: BABA) has seen "overwhelming" investor demand.

According to Bloomberg, the Alibaba IPO price could go as high as $70 per share.

Alibaba launched the roadshow portion of its IPO process last Monday. Through the roadshow, company officials have presented to institutional investors in cities around the country. According to Reuters' sources, Alibaba sold enough shares in the first two days of the roadshow to cover the entire deal.

"Demand has been overwhelming since the launch," the unnamed source told Reuters. "Increasing the price range was already on the cards from the beginning."

Last week, Alibaba announced that it would be selling 320.1 million American depositary shares, and would be pricing the shares between $60 and $66 each. Because of the heavy demand, Alibaba will likely file an amendment to its IPO prospectus indicating a higher price range as early as today.

The Alibaba IPO is expected to be one of the largest initial public offerings of all time. At the high end of the original range, Alibaba would have raised $21.1 billion. However, the company originally said it expects to raise as much as $24.3 billion depending on how many shares the deal's underwriters buy following the IPO.

Currently, the largest IPO on record is the $22 billion deal the Agricultural Bank of China Ltd. held in 2010. Visa Inc. (NYSE: V) holds the record for largest ever U.S. IPO, having raised $19.65 billion in 2008.

"There was so much demand in the first two days, it's reasonable to raise the price range slightly," Arete Research Service LLP analyst Li Muzhi told Bloomberg. "The company might want to not be too aggressive on pricing so it can still have some upside after the listing."

Alibaba is expected to announce the final price for its shares on the evening of Thursday, Sept. 18. Alibaba stock is expected to begin trading on the New York Stock Exchange on the morning of Friday, Sept. 19.

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Join the conversation on Twitter @moneymorning and @KyleAndersonMM using #Alibaba.

Related Articles:

• Reuters: Alibaba to Boost IPO Size on "Overwhelming" Demand
• Bloomberg: Alibaba Plans to Boost IPO Price on Strong Demand