The amount that is being raised falls short of the $25 billion mark that was raised by Alibaba Group Holding Ltd in its 2014 IPO.

As per a regulatory filing, in what is slated as Japan’s biggest-ever IPO, SoftBank Corp has priced its initial public offering (IPO) at 1,500 yen per share; it will be selling an additional 160 million shares in order to meet a strong investor demand.

With this IPO SoftBank Corp will be raising $23.5 billion (2.65 trillion yen).

The IPO is just shy of the record $25 billion mark set by China’s e-commerce giant Alibaba Group Holding Ltd in its 2014 IPO.

The price set by SoftBank Group Corp’s Japanese telecommunications unit was unchanged from the indicative price and its overallotment option will be exercised in full, reads the filing.