Alibaba said in a statement it set the price for each share at HK$176, which is below the HK$188 indicative ceiling announced last week. With 500 million shares offered to investors, the company will raise HK$88 billion ($11 billion). Eight is considered an auspicious number for fortune in China.
If it chooses to use its over-allotment option to sell a further 75 million shares, the firm could make HK$101.2 billion ($12.9 billion).
Even at the low end, the listing would still be Hong Kong's largest initial public offering since insurance giant AIA raised $20.5 billion in 2010.
The shares are set to begin trading on the main board of the Hong Kong stock exchange on Tuesday under the stock code "9988". The company had planned to list in the summer but called it off owing to the city's long-running pro-democracy protests and the China-US trade war.