Sep 19, 2014 12:08 PM
Alibaba shares surge in debut on NYSE
The Associated Press
NEW YORK (AP) Alibaba's stock is rising 36 percent in the Chinese e-commerce powerhouse's debut as a publicly traded company.
The stock opened at $92.70 on the New York Stock Exchange on Friday morning. At that price the company would be worth $228.5 billion. CEO Jack Ma stood on the NYSE trading floor Friday 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 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world's biggest ever initial public offerings.