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Chinese online retailer has filed for its IPO in the US to raise as much as $1.7 billion. is offering 93.7 million American depositary receipts for $16 to $18 per share, valuing the company at $24.6 billion.

The Tencent Holdings-backed online retailer operates a marketplace similar to that of Its 2013 revenue stood at $11.5 billion and has 47.4 million active customers.

Its rival Alibaba has also filed for a US IPO, that could raise $15 billion to $20 billion, surpassing Facebook’s $16 billion in 2012.

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