Alibaba, the Chinese e-commerce powerhouse, started trading on the New York Stock Exchange (NYSE) today at a price of $92.70 per share. The company set its initial public offering (IPO) at $68 per share on Thursday, which would put it on track to raise at least $21.8 billion. It follows a previous listing that positioned it between $60 and $68 per share.
The company needs little introduction. Founder Jack Ma took the business from a second-floor apartment in Hangzhou to one of the most successful technology companies on the planet, especially in China where it’s had a string of hits including Taobao and Alipay. The New York Times has an excellent piece on Ma and the company’s skyward trajectory if you need to get up to speed.
Read More: Alibaba is breaking out of China while the rest of the world tries to break in / This is how much crazy Jack Ma needed to turn Alibaba into a multi-billion dollar giant
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