Alibaba IPO Skyrockets After Initial Offering
The stock quickly rose to a high of $99.70 before finishing the day at $93.89, 38% above its original offering price of $68.
The company is now valued more than $200 billion, higher than tech giants like Facebook and Amazon.
"We want to be bigger than Wal-Mart," said Alibaba CEO, Jack Ma. "We hope in 15 years people say this is a company like Microsoft, IBM, Wal-Mart - they changed, shaped the world."
Alibaba is an online marketplace similar to eBay that connects consumers and small businesses.
It is currently the world’s largest online retailer, with over 279 million active buyers that visit at least once a month. Last year, the company brought in $4.9 billion in revenue, more than that of eBay and Amazon combined.
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