(Reuters) – Alibaba Group’s Hong Kong shares are set to rise 6.3% in their debut after marking the city’s biggest share sale in nine years.

Alibaba has raised at least $11.3 billion from the secondary listing and could go as high as $12.9 billion if an over-allotment option is exercised.

The company sold the shares at HK$176, which was a 2.9% discount to the company’s closing price in New York last Tuesday. Each American Depository Receipt (ADR) represents eight Hong Kong shares.