China's biggest online retailer appears on course to break the record for the biggest share sale of all time this week.
Expectations are growing that Alibaba will raise its price target above the planned $60-$66-per-share range - with sources, said to be familiar with the deal, telling the Reuters news agency there was "overwhelming" demand for the stock.
It was reported last week that the flotation, which is expected to take place on Thursday on the New York Stock Exchange, was already over-subscribed.
The initial public offering (IPO) was first expected to raise up to $21bn - just shy of the all-time record of $22.1bn set by the Agricultural Bank of China in 2010 - giving it a total market value roughly in line with that of Amazon.com's current market capitalisation.
But speculation has risen the retailer could look to cash in on strong interest by raising the price range, despite the potential risks that would place on its market debut.
It confirmed three weeks ago that second-quarter profits had tripled to £1.2bn on the back of soaring revenues, with spending via mobile devices rising almost four-fold.
Kelland Willis, analyst at Forrester Research, told the AFP news agency: "When investors see growth, they get excited."
He pointed to the 150% gains of JD.com, Alibaba's main Chinese rival, which went public in May.
Other experts were more cautious - some citing concerns on governance.
Portfolio manager at Meeschaert Financial Services, Gregori Volokhine said of Alibaba: "They have moved prudently, because it's very difficult to know in advance the appetite of US institutional investors.
"People will be cautious because a lot of investors were burned by Facebook," he noted, recalling the 2012 offering which saw a sharp drop from the opening price because of a glitch.
The IPO, while helping fund Alibaba's planned expansion, is also due to deliver a handsome return for Yahoo!
The internet firm, which bought 40% cent of Alibaba in 2005 for $1bn (£600m), sold almost half of its stake in 2012 but still netted $7.6bn from that.
Its plans to reduce its shareholding further in the flotation is forecast to net it at least another $9bn - money it can use to fund its own diversification.
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