Shares in the Chinese e-marketplace change hands in a NYSE frenzy though many investors appear to have missed out.
Shares in Alibaba surged on the first day of trading as a public company, gaining 46% from the $68 (£42) price set the previous day.
Stock in the Chinese e-marketplace opened at $92.70, valuing Alibaba at 14% bigger than Facebook and as the second-biggest firm on the FTSE 100 behind Royal Dutch Shell.
It was the biggest flotation in US history at almost $22bn but underwriters exercised an option to buy up more shares to meet the demand frenzy meaning the sale would raise $25bn - more than the $22.1bn by China's AgBank in 2010.
No comments:
Post a Comment