E-commerce company Alibaba Group seeks to raise up to $24.3 billion to set new IPO record

Markets Associated Press

E-commerce company Alibaba Group is seeking to raise up to $24.3 billion to set a new record for an initial public offering of stock.

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Alibaba disclosed the financial targets in regulatory documents filed Friday.

Alibaba has been thriving because it has built an e-commerce bazaar that has become a shopping magnet for businesses and consumers alike as China's economy steadily grows. The company's network of sites includes Taobao, Tmall, and AliExpress, as well as Alibaba.