25 billion dollar baby: China's internet behemoth Alibaba. (C) www.alibabagroup.com

After stunning IPO, Alibaba sells additional shares

25 billion dollar baby: China's internet behemoth Alibaba. (C) www.alibabagroup.com

25 billion dollar baby: China’s internet behemoth Alibaba. (C) www.alibabagroup.com

The stock market was in awe on Friday after Chinese internet giant Alibaba premiered on Wall Street. During the first day of public trading, Alibaba’s share price peaked at $92.70 – topping the original initial public offering by 36 percent. In terms of market capitalization, the Chinese equivalent to Amazon, eBay, PayPal and other web retail-oriented offers, reached a volume of $228.5 billion. In the tech industry, Alibaba is now fourth in market value behind only three other publicly traded corporations, Google, Apple and Microsoft. In addition, it single-handedly left behind Facebook (currently $200 billion). Sales of shares reached a volume of $25 billion, exceeding the so far largest IPO in history – the Agricultural Bank of China in 2010 ($22.1 billion). Alibaba’s record-breaking sale of shares occurred after the company itself and its shareholder Yahoo exercised their right to sell additional shares for which they cashed in a combined $3 billion.

 

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