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.
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