The organisation released this figure alongside an estimation that Alibaba’s equity value is $220bn (£129bn).
According to the Wall Street Journal, this would make the firm’s IPO the largest in history – topping the Agricultural Bank of China’s record at $22.1bn (£13bn) in 2010.
This also tops the highest US offerings; Visa’s IPO was $19.7bn (£11.58bn) in 2008 and Facebook’s was $16bn (£9.4bn) in 2012.
Morningstar claims the figures are based on media reports that claim the company is going to offer 12% of its stock via the IPO (initial public offering).
It adds that Alibaba shopping sites are well-positioned to benefit from the market’s growth, adding that millions of sellers attract millions of buyers.
The organisation also claims that China’s e-commerce market has much space to grow and the country’s middle class population income it set to double by 2020.
“We believe Alibaba’s IPO should be on the radar screens for investors seeking exposure to China’s emerging middle-class consumers as well as its e-commerce, technology and logistics industries,” claimed Morningstar.
It added that it expects the e-commerce company’s operating margins to expand from 47.5% to 49.4% within the next five years.
Recently, market research firm Juniper Research released a report claiming the digital transaction industry is growing hugely.