Alibaba.com will begin trading tomorrow with the offer price set at HK$13.50 per share, the top of the indicative range. The company is expected to raise HK$11.6 billion from the offering, which will be the world's second-largest internet stock initial public offering after Google raised US$1.67 billion in August 2004. It is also the largest internet stock offering in Hong Kong. The public tranche of Alibaba's initial public offering was 259 times subscribed. Applicants will be ensured of one board lot of 500 shares if they subscribed to 20 board lots. For those who only applied for one board lot, only 6 per cent will be ensured of shares. The public offering has frozen at least HK$450 billion, surpassing Belle International Holdings' funds frozen record set in May. The women's shoe maker and retailer had frozen HK$411 billion from the public offering, after the retail portion was more than 500 times subscribed.