Alibaba Group Holding Ltd founder Jack Ma (C) applauds at the New York Stock Exchange before his company's initial public offering (IPO) under the ticker "BABA" in New York September 19, 2014. [Photo /  Agencies]

Alibaba Group Holding Ltd's shares rose as much as 46 percent in their first day of trading on Friday, lifting the Chinese online retailer's value to $244 billion.

The company's initial public offering, on track to be the biggest ever if underwriters exercise their option to sell more shares, will help fund Alibaba's expansion in the United States and elsewhere.

The sale raised more than $8.2 billion for the company after fees for underwriters, and about $13 billion for major shareholders.

Alibaba's shares were trading at $99 on the New York Stock Exchange at 11:58 am ET, versus the IPO price of $68.