September 20: Alibaba’s shares is breaking the record in the IPO on the New York Stock Exchange and elsewhere.
Established in 1999 by Peng Lei and Jack Ma, Alibaba Group Holding Limited is a publicly traded Hangzhou-based e-commerce business headquartered in Hong Kong, Hangzhou, China. The company handles nearly 80 percent of China’s online e-commerce.
As predicted earlier, Alibaba became one of the most valuable tech companies after it went public.
Company’s shares which were sold at 68 US dollars on Thursday were priced at 92.70 US dollars on Friday, giving a great excitement to the beneficiaries.
Surprisingly, over a million shares were sold within few minutes after the opening of the stock market.
According to BBC, the company raised nearly $21.8bn in its share sale, indicating strong investor appetite for China’s e-commerce giant.
As per the market trend and valuation, Alibaba is valued at 231.4 billion US dollars–something larger and valuable than Amazon and Facebook.
Japan’s Softbank is Alibaba’s single largest shareholder with 32 percent shares while Yahoo has also a stake on Alibaba.