GOES PUBLIC ON THE NYSE
Alibaba's Initial Public Offering at the New York Stock Exchange is the biggest to date.
The ubiquitous Chinese company went public on the September 18 with its shares priced at $68. By the end of the day, the shares were trading at close to $93, raising a massive $21.8 billion for the tech giant, which dominates close to 80% of the e-commerce market in China. The astounding response to the IPO is seen as a bet on China's growing middle class and their spending power and also a nod to the company's diversified presence in China. With the IPO, Alibaba's valuation is pegged at $231 billion, according to the Guardian, which is more than Facebook or Amazon and eBay combined.
Founder and Executive Chairman of Alibaba, Jack Ma, at the NYSE trading floor as the company's stock goes live