Alibaba plans to raise $24 bn in the largest US technology IPO

China's biggest e-commerce firm Alibaba Group Holding has planned to raise as much as $24.3 billion in an Initial Public Offering (IPO), which will be the largest technology listing in the United States.

The last time a sale of this scale for an internet company took place was $16 billion by Facebook's IPO in 2012.

According to the BBC, Alibaba contributes 80% to all online retail sales in China.

The final share price of the company will be decided after a global roadshow which would start this week.

Alibaba's executive chairman Jack Ma said that the founder created a company by Chinese people but the one that belonged to the world.