Alibaba debuted on the NYSE yesterday at $92.70. At the end of the first day of trading, the e-commerce giant s shares had touched $93.89, which is 38 percent above the initial offer price of $68, Barrons reports. Also Read - Jack Ma's Alibaba fined record $2.7B by ChinaAlso Read - Ant Group ordered by China to reexamine its fintech businesses and return to its roots as a payments service
Listed under the symbol BABA, Alibaba s shares hit a high of $99.70, before settling down at $93.89 by the end of the day. The day s gains helped the company hit a market cap of around $231.44 billion. Also Read - India bans 43 more Chinese apps over security concerns
Company founder Jack Ma was on the floor of the New York Stock Exchange as trading opened, while a group of Alibaba customers rang the opening bell. The company raised $21.8 billion in its initial public offering, making it one of the largest IPOs ever. It is close to the historic $22 billion raised by the Agricultural Bank of China in 2010, and beats the $18 billion raised by Visa in 2008.
Speaking to CNBC, Jack Ma said he was very honored, and so excited by the market debut and that he sees enormous growth potential for Alibaba. We have a dream, he said. We hope in the next 15 years the world will change. We want to be bigger than Wal-Mart.