Alibaba files for biggest US IPO in history

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Chinese e-commerce giant Alibaba on Friday filled to sell up to $24.3 billion in stock, making it the biggest U.S. initial public offering ever.

Yahoo cut its stake in the company to 16.3 percent from 22.4 percent and Soft Bank cuts its stake to 32.4 percent from 34.1 percent earlier, Dow Jones reported. 

The company said is expected to sell 320.1 million American Depositary Sharesat between $60 and $66 per share, a source told CNBC Friday.

Alibaba's intent is to sell about 320.1 million ADS, worth just over $21 billion at the maximum offering price. However, it is also accounting for the possibility that underwriters may choose to buy more shares after the offering, which is why it listed a proposed maximum offering price of $24.3 billion.

The much-anticipated sale or IPO could raise more than $20 billion, making it the biggest technology listing in the United States.

Earlier, T he Wall Street Journal reported that the firm would allow its employees and others close to the company to purchase shares at the IPO price before the stock begins public trading on the NYSE, a privilege typically only made available to professional investors and a limited amount of individual investors.

The company's roadshow, an effort to woo investors, will begin on Monday in New York City and visit a dozen cities before ending back in Manhattan on Sept. 18. The company's founder, Jack Ma, is expected to participate.

Alibaba has appointed Barclays as the designated market maker for the IPO, sources also told CNBC on Friday. Goldman Sachs will serve as "stabilization agent," people familiar with matter said, according to a Dow Jones report earlier this week.

-By CNBC.com with Reuters

Disclosure: CNBC has a content-sharing partnership with Yahoo's finance site.

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