Alibaba now plans to raise over 25 billion U.S. dollars in its upcoming IPO, making what's expected to be the biggest stock market debut even bigger.

That's after the Chinese e-commerce giant raised the range on its initial public offering to 66 to 68 dollars per share on Monday due to strong demand.

The company says in a regulatory filing that it plans to sell 368.1 million shares on the New York Stock Exchange in its IPO on Friday. Alibaba's final share price is due Thursday.

The fundraising target eclipses the 16 billion dollars Facebook raised in 2012, the most for a technology IPO. It would also top the all-time IPO fundraising record of 22.1 billion dollars set by the Agriculture Bank of China in 2010.

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