Home / Business / Money / Alibaba shares open at $92.70 on NYSE; biggest IPO ever

Alibaba shares open at $92.70 on NYSE; biggest IPO ever

The Chinese online retailer raised almost USD 22 billion in an initial public offering that will make the Chinese e-commerce brand one of the most valuable companies in the world.

Alibaba shares opened at USD 92.70 a share on the New York Stock Exchange on Friday, in the biggest initial public offering in history.

More than 100 million shares were traded within the first 10 minutes of Alibaba’s market debut.

“At this level, it’s fairly valued,” said Dan Niles, managing partner at AlphaOne Capital Partners. “You look at it over a sort of a five-year horizon, pretty easy to see how the company could double in size and have the stock price go with it.”

The Chinese online retailer raised almost USD 22 billion in an initial public offering that will make the Chinese e-commerce brand one of the most valuable companies in the world.

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