Chinese internet giant Alibaba will debut with a market value of $US167.6 billion ($186.5 billion) on the New York Stock Exchange when it begins trading overnight on Friday.

According to reports from Reuters, the group will price its shares at $US68, the top end of expectations. Alibaba will raise $US21 million in one of the biggest initial public offerings on record.

At the $US68 a share price, the IPO would give Alibaba a market valuation of $US167.6 billion. Credit:Reuters

The valuation placed on Alibaba puts it in rarefied air in the tech world – just behind Facebook (market capitalisation of $US198.7 billion) but ahead of Amazon ($US149.7 billion) and eBay ($US64.6 billion) and LinkedIn ($US25.8 billion). Google remains the clear leader in the tech world however, with a market value of $US398.4 billion.