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Alibaba IPO Skyrockets After Initial Offering

Benjamin Dunn |
September 19, 2014 | 3:46 p.m. PDT

Web Producer/Photographer

Jack Ma, CEO of Alibaba Group Holding Ltd., laughs at a news conference in Hong Kong, China. (Daniel J. Groshong/Bloomberg via Getty Images)
Jack Ma, CEO of Alibaba Group Holding Ltd., laughs at a news conference in Hong Kong, China. (Daniel J. Groshong/Bloomberg via Getty Images)
Alibaba Group Holding Ltd. stock opened at $92.70 share today and became the biggest initial public offering in New York Stock Exchange history. 

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

Reach Web Producer/Photographer Benjamin Dunn here.



 

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