Responding to demand, the group has raised its fund-raising target. Alibaba has lifted its price range for the initial public offering (IPO) from $60 to $66 to $66 to $68 for each American depositary share.

If realised, that will see the sale raise up to $21.8 billion and value the e-commerce giant at a staggering $165.5 billion at the new range midpoint.

It is the only logical step to raise the price of course and, such has been the demand that despite the increase, the underwriters are looking to close the book early – perhaps as early as today, Tuesday 16 September. However, that the firm held back on lifting the price much higher demonstrates a good conscious effort on behalf of the board and its advisers.

The reaction from investors has profound in many people’s eyes, with over 800 people attending the presentation of the price increase.

Orders for shares have also been coming in from every quarter, despite investors knowing they will not realise anything near the number of shares they want.

One hedge fund is even rumoured to have requested several billion dollars’ worth, despite only presently managing about $3 billion in assets.

However it is understood that the Alibaba board is targeting big mutual funds and other long-term investors. It is not interested in people looking to make a quick profit from flipping their shares.

It is thought this was a key driver in keeping the price lower than could have been achieved. Another factor is likely to have been the price bump by Facebook, which left investors not taking part in the offering little room for moving in.