Alibaba makes Wall Street debut

Source: AFP | September 19, 2014, Friday |

Online Edition

ALIBABA made its long-awaiting Wall Street debut today on the heels of a record stock offering that opens the door to its global expansion for the Chinese online retail giant.

Company founder Jack Ma was on the floor of the New York Stock Exchange as trading opened, while a group of Alibaba customers rang the opening bell.

A trading price was not available in the early minutes after the opening, which is not uncommon for stock market debuts.

By raising as much as US$25 billion, Chinese online giant Alibaba is poised to break the record for the largest initial public offering in history.

Priced at US$68 a share, Alibaba would raise US$21.7 billion with the offering of 320 million shares. If underwriters exercise the option for 48 million additional shares, the amount would top US$25 billion, breaking the 2010 record set by China's AgBank.

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Alibaba makes Wall Street debut

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