In Picture: Alibaba's logo is seen at its headquarters on the outskirts of Hangzhou, Zhejiang province Apr. 23, 2014.Reuters File

Chinese B2B online retailing company Alibaba has plans to raise as much as $24 billion in an initial public offering with the Securities and Exchange Commission on Friday. At this size, Alibaba's Initial Public Offering (IPO) would be the largest ever on US listed company to value about $163 billion.

The company in its report said that it would sell 320.1 million American depositary shares in its IPO at a price for $60 to $66 per share. After the sales, Alibaba's IPO would be more than any other American online retailers such as eBay , which has a market capitalization of $68 billion and Amazon, which is worth over $161 billion.

The company could make over $840 million before tax cut through sales of 12.75 million shares at $66. The company's Initial Public Offering is expected next month. Jack Ma, founder and Chairman of Alibaba would hold around 193 million shares worth $12.76 billion.

While, Joseph Tsai, Alibaba's vice chairman would make $280 million before taxes by selling 4.25 million shares. Tsai's remaining 3.2% stake after the IPO will be worth around $5.2 billion at $66 per share, reported Forbes.

The company's sales in the second quarter of its latest earnings rose 46% to $2.54 billion and the net income tripled to $1.99 against previous year earnings report.

Alibaba also said that Mobile shopping was one of the major source that boosted its revenue. E-commerce transactions through mobile constituted one-third its gross merchandise volume. Mobile revenue crossed $400 million in current quarter versus $190 million in the previous quarter.

While Yahoo! has plans to sell of 121.7 million Alibaba shares worth $8 billion to Yahoo's CEO Marissa Mayer. After IPO, Yahoo! would keep over 400 million shares worth $26.5 billion.

Additionally, billionaire Masayoshi Son's tech giant Softbank has planned to not sell all of its shares of Alibaba through IPO. Its 32.4%  stake is worth $52 billion.

The company would begin trading on the New York Exchange as early as 19 September under the ticker name BABA.