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Alibaba Group Said to Raise $21.8 Billion in Record U.S. IPO

Alibaba Group Holding Ltd., the e-commerce company started in 1999 with $60,000 cobbled together by Jack Ma, cemented its status as a symbol of China’s economic emergence by raising $21.8 billion in a U.S. initial public offering.

The company and shareholders including Yahoo! Inc. (YHOO) sold 320.1 million shares for $68 each, according to a statement, after offering them for $66 to $68. Half of the shares went to just 25 accounts, a highly concentrated group for an IPO, people with knowledge of the matter said, asking not to be identified as the books are private. Retail investors were allocated about $1 billion of stock, one of the people said.