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Alibaba's shares open in New York-IPO jumps by 40 percent
by Joseph Earnest September 19, 2014
Newscast Media NEW YORK—Public trading of the Chinese e-commerce giant Alibaba has begun in New York. Shares in the company jumped by more than 40 percent from its initial public offering price.
Alibaba began trading on the New York Stock Exchange on Friday at $92.70 (72.22 euros), a 36 percent jump from its initial public offering price of $68.
That value quickly rose and shares reached a high of $99.70 as traders were eager to buy into an IPO poised to be the largest in history.
In the first 10 minutes alone, more than 100 million shares changed hands.
The trading debut lifted the Chinese e-commerce giant's market value to $244 billion.
If underwriters exercise their option to sell 48 million more shares in Alibaba, which the head of NYSE's global listing business, Scott Cutler, has indicated is likely, it would bring the IPO's size to a record $25 billion.
Founder of the company Jack Ma, started it by raising $25 million from financial investors like Goldman Sachs and Fidelity Investments in 2000. Forteen years later, the company has increased its value a thousandfold. Add Comments>>
Source: Deutsche Welle
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