Order Books for the Alibaba IPO May Be Closed by Wednesday Afternoon

Underwriters for Alibaba may close their order books for the initial public offering by Wednesday afternoon. Orders have come in so quickly for shares for the Chinese e-commerce company ahead of its hotly-anticipated IPO that the company's banks may stop taking orders earlier than expected, according to people briefed on the matter by the New York Times. The report says advisers may eventually raise the price for the stock sale from the $60 to $66 a share range, pushing it past its $21.1 billion goal. The banks reportedly said they would stop accepting orders from investors in the U.S. by Tuesday at 4 pm, and in Asia and Europe on Wednesday.