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Alibaba shares soar in stocks debut

Alibaba's stock has risen by 36% in the Chinese e-commerce powerhouse's debut as a publicly traded company.

The stock opened at 92.70 US dollars on the New York Stock Exchange on Friday morning. At that price the company would be worth 228.5 billion dollars.

CEO Jack Ma stood on the NYSE trading floor as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the New York Stock Exchange.

On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of 68 dollars per share.

The company and its early investors raised 21.8 billion dollars in the offering, which valued Alibaba at 168 billion dollars in one of the world's biggest ever initial public offerings.


From Belfast Telegraph