Alibaba: Just kidding about that $21bn IPO ... we actually want $25bn

Chinese web bazaar Alibaba has raised the goal for its upcoming stock market debut in the US.

The company said in an updated filing to US financial watchdog the SEC that it is now seeking out a maximum per share price of $68 – setting its initial public offering goal to $25.03bn. The company previously sought to haul in $21bn with a maximum share price of $66.

The new price will give the company a market cap of roughly $166bn. The company is expected to begin trading later this week on the US market in what is shaping up to be the largest IPO in US history.

The IPO could also have an impact elsewhere in the tech landscape. One of Alibaba's largest shareholders is Yahoo! The American web giant could cash in part of its 22 per cent stake in Alibaba to bring it a much-needed influx of cash.

Other major shareholders include Softbank, Alibaba chairman Jack Ma and vice chairman Joe Tsai, who are similarly in position to reap a huge windfall should the IPO go according to plan and share prices climb through the roof.

This year has not been particularly kind to technology firms striking out onto the market. Companies such as King Digital have seen their dreams of hitting it big turn to nightmares when their stock prices nosedived upon release.

Alibaba, with its massive customer base looks to fare significantly better than the Candy Crush maker. Alibaba is described as China's Amazon – and with a market cap of $166bn, it'll tower over Bezos & co's $150bn operation. ®