Alibaba prices stock at $68 US in $22B IPO

Chinese e-commerce company Alibabawill price its shares at $68 US when it lists on the New York Stock Exchange Friday, valuing the firm at $168 billion, according to Dow Jones.

That is the top of its projected range.Alibaba's listing is expected to raise $22 billion, making it the largest IPO to date. Its ticker will be BABA.

Canada Pension Plan Investment Board has invested $160 million US in Alibaba Group Holding Ltd., it says.

The company that manages the pool of Canada pension money not needed for benefitsmadetwo direct investments in Alibaba in 2011 and 2012 for a total of $136 million, according to Linda Sims, a Canada Pension spokeswoman.

• Alibaba IPO set to raise more than Facebook

The pension plan has another $24 million indirect investment through a private-equity fund managed by Silver Lake Management LLC, she said.

When Alibaba goes public,that stake may be worth considerably more than it was when the CPPIB bought it.

Yahoo was also an early investor in the e-commerce platform, which benefits from the expanding market for consumer goods sold online in China.

Some of the early investors in Alibaba will be selling their shares on Friday, according to the Wall Street Journal. That is an unusual concession as insiders are usually asked to hold their shares during an IPO.

AlibabaGroup Holdings is believed to be several times oversubscribed, which would result in insiders selling being less likely to depress its stock price.

CPPIB declined to say what its plans are for its existing shares in Alibaba.

What investors who buy the stock get is shares in a holding company based in the Cayman Islands that will benefit from the profits and cash flow from operations of Alibabas Chinese enterprises. China does not allow direct ownership by foreigners in its internet or telecom-based businesses.

These enterprises include small business export portal Alibaba, consumer websites Taoboa and TMall and payment service Alipay. Alibaba doesnt sell goods itself, but provides a service that allows entrepreneurs throughout China reach consumers and other businesses.

Alibaba says it plans to enhance its cloud computing and mobile technologies, pursue cross-border opportunities and create tools to help its sellers enhance their business with money it raises in the IPO.