(Bloomberg) -- Alibaba Group Holding Ltd. is telling prospective investors it will likely price its mega Hong Kong stock offering at about HK$176 per share, people with knowledge of the matter said.The potential price represents a 2.9% discount to Alibaba’s last close in New York. Alibaba has already stopped taking orders from institutional investors, according to the people, who asked not to be identified because the information is private.Fund managers can change the price they’re willing to buy shares at until 8 p.m. U.S. Eastern time Tuesday, the people said. The final price for the offering hasn’t been formally set and could still change, according to the people.The e-commerce giant is poised to raise more than $11 billion from the offering, marking one of the largest share sales globally this year. A representative for Alibaba declined to comment.Credit Suisse Group AG and China International Capital Corp. are the joint sponsors of the share sale. Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley are also arranging the deal.\--With assistance from Crystal Tse.To contact the reporter on this story: Carol Zhong in Hong Kong at yzhong71@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Ben Scent, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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