Alibaba sets IPO range at $60-$66, expects to raise up to $24B

Chinese e-commerce giant Alibaba Group Holding set the stage for what could be the biggest IPO in history, setting price targets that would raise about $24 billion.

That would top the $17.9 billion raised by Visa in 2008, which is the biggest U.S. debut, and Facebook's $16 billion offering in 2012, the biggest U.S. tech offering. It would also surpass the $19.22 billion IPO done in 2010 by Asia-based ABC Bank, the biggest global debut. Alibaba said it plans to sell about 368,000 shares at between $60 and $66 a share.

The setting of a price will be followed by a nearly two-week “roadshow” that will involve meeting with big groups of investors, as well as one-on-one pitches, in Asia, Europe and the U.S.

Alibaba expects to list under the symbol "BABA" on the New York Stock Exchange.

The Wall Street Journal reported earlier Friday that Alibaba is planning to let employees and other people close to the company to buy some shares in its impending offering.