Chinese e-commerce giant Alibaba, which owns 80 percent of all online transactions in China has filed registration documents for an initial public offering (IPO) in the US. Alibaba expects to raise over USD15 billion through its first public offering and analysts do not dismiss the possibility of the internet giant breaking the record set by social networking giant Facebook Inc.

The market valuation of Alibaba is expected to be over USD115 billion once it goes public. Alibaba Group is active in online messaging service and cloud computing other than online commerce. But over 80 percent of its revenue comes from online commerce conducted through online venues - Taobao, Tmall and Juhuasuan.

The company has not revealed any intentions to launch itself in the US online commerce arena that is dominated by e-commerce giants such as Amazon and e-bay. But analysts say Alibaba can create huge turnover by focusing on the domestic Chinese market itself.

The emerging middle-class and upper middle-class segments are the prime targets of the online retailer. Albibaba Group is yet to disclose the percentage of shares that it will offer for IPO. A major share holder of the internet commerce giant is Yahoo Inc.

Yahoo has 22 percent stake in Alibaba and it would have to reportedly part with more than a third of its share holdings through the IPO. Yahoo shares tumbled during Wednesday's trade following the news of the IPO. Yahoo share price dropped by 6.6 percent to USD34.07 at the close of Wednesday ‘s trade.