Alibaba shares open at a high $92.70

Shares were trading a tad lower around $90 later in the afternoon

In their first day of trading, shares of Alibaba stock opened at US$92.70 on the New York Stock Exchange on Friday, an increase of more than 35 percent over the $68 initial public offering price.

The firm raised $21.8 billion in its U.S. IPO, making it one of the largest IPOs ever. It's close to the historic $22 billion raised by the Agricultural Bank of China in 2010, and beats the $18 billion raised by Visa in 2008.

Alibaba shares didn't begin trading until at least a couple hours after the opening bell. Listed under the symbol BABA, Alibaba shares were trading slightly lower around $90 in the early afternoon.

Alibaba is an e-commerce behemoth in China, but it's looking to grow its business internationally, perhaps beyond e-commerce in the pursuit of new consumer data.

The company was founded in 1999 by Jack Ma. Two of its largest consumer shopping sites are Tmall and Taobao, though it recently opened a new online shop in the U.S. called 11Main.

Zach Miners covers social networking, search and general technology news for IDG News Service. Follow Zach on Twitter at @zachminers. Zach's e-mail address is zach_miners@idg.com

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesInternet-based applications and servicese-commercealibabafinancial resultssocial mediainternet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Zach Miners

IDG News Service
Show Comments

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?