Alibaba listing could raise $21bn, making it largest-ever tech IPO

Alibaba plans to close its IPO order book early after it received enough orders to sell all the shares in the record-breaking offering.

The Chinese e-commerce group, which launched its IPO on Monday, is expected to price the deal next week and will start trading a day later.

The IPO could raise $21.1 billion at the top end of the expected price range, topping Facebook’s $16 billion listing in 2012 as the largest-ever technology IPO.

US-based bookrunners are expected to stop taking orders from investors on Tuesday afternoon.

Alibaba is expected to stop taking orders in Asia next Wednesday, 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, sources said.

The 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.