NEW YORK (TheStreet) –– Alibaba has priced its initial public offering at $68 a share, or $21.8 billion, setting the stage for the largest initial public offering in U.S. history, according to Dow Jones Newswires.

Beijing-based Alibaba had previously raised the price on its IPO following strong investor demand as China's largest Internet company continues to post impressive results.

"Alibaba's cross-border-trade (CBT) businesses are growing very well," said ChannelAdvisor CEO Scott Wingo in an emailed statement. "You have Tmall Global, which is importing into the Tmall audience and you have AliExpress. AliExpress is growing 100% year-over-year (prospectus) and that marketplace has $2.9B in GMV (as of June 30, 2014)."

The $68 a share price values Alibaba, co-founded by Jack Ma at roughly $170 billion, with approximately 2.5 billion shares outstanding.

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In the company's second quarter, Alibaba's grew revenue over 46% from year-ago levels to $2.54 billion, while total gross merchandising volumes (GMVs) rose a similar percentage, led by a near-doubling in Tmall volumes. Alibaba also disclosed in its second quarter results that mobile GMVs now account for 32.8% of the company's total marketplace volume, a near tripling from this time last year.

Alibaba has hired six underwriters to lead the offering, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley and Citigroup. Shares will start trading on the New York Stock Exchange tomorrow under the ticker "BABA."

--Written by Chris Ciaccia with additional reporting by Antoine Gara in New York

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