E-commerce behemoth Alibaba Group Holdings has set a price limit of HK$188 (US$24) per share, the South China Morning Post reported, citing unnamed bankers and sources familiar with the deal.

The giant, which is to price 500 million shares in its secondary listing in Hong Kong, will raise a maximum of US$13.86 billion when it prices the deal on November 20.

The final price will be determined with reference to the closing price of its US-listed depositary receipts the previous day, the report said.

The South China Morning Post is owned by Alibaba Group Holdings.

Shares of the company will be traded in lot size of 100 shares and trading will kick off on Tuesday, November 26.