Alibaba to let employees buy shares in IPO: Reports

Chinese e-commerce company Alibaba Group Holding Ltd will allow employees and people close to the company to buy shares in its forthcoming initial public offering, a report said, citing people familiar with the matter.

The program, informally known as a "friends and family" plan, allows employees and people buy shares at the IPO price before it starts trading publicly. Normally, the IPO price is available only to professional investors and a few individual investors.

Such programs were a popular practice by U.S. companies during the 1999-2000 dot.com boom as a way to reward employees but has declined since then, the report said.

Alibaba is nearing the launch of its hotly anticipated offering, which could raise more than $20 billion, making it the biggest technology listing in the United States.