Internet giant Alibaba began trading its shares on the New York Stock Exchange (NYSE) and swiftly soared nearly 40% in an IPO that made history.
Under the symbol BABA, shares in the company made their debut at $92.70.
As the China’s e-commerce giant goes public, its initial public offering is set to be the world’s largest, with the possibility of raising more than $20 billion.
Alibaba raised around $21.8 billion in its stock sale, which highlights the firm’s strong appeal to investors.
The huge demand for Alibaba’s shares made its market value soaring well beyond that of
Alibaba is currently enjoying the attention of business owners and investors.
Amazon, eBay, and Facebook.
Many industry watchers believe Alibaba will surely dominate China e-commerce.
“The I.P.O. market right now is robust and healthy,” said David Ethridge, the head of capital markets for the New York Stock Exchange. “We’re seeing participation from every sector of the economy.”
Investors are interested in Alibaba as the company dominates several businesses in China and it has been consistently profitable.