Alibaba made its long-awaited Wall Street debut today on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant. Its shares opened at $92.70, which is up from the IPO price of $68. 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
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 a record-breaking $21.8 billion in an initial public offering, and is now valued at $231.7 billion. Also Read - India bans 43 more Chinese apps over security concerns
Speaking to CNBC from the trading floor, 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.
He added that he sees Alibaba as a company that will have a huge impact, We hope people say in 15 (years) this is a company like Microsoft, like IBM.