Sale of Chinese internet giant Alibaba, which controls 80% of online commerce in China, gets off to flying start on New York stock exchange
The biggest ever share sale in the US got off to a flying – if delayed – start on Friday as shares in Alibaba, the Chinese internet giant, started trading in the New York Stock Exchange at $92.70 – much higher than their initial $68 price.
The sale of China’s biggest online retailer has triggered a frenzy among investors clamouring to buy into the the world’s fastest growing market and a new tech titan. Shares soared to $95 in early trading, more than 40% above the start price.
Founded by Jack Ma, a former English teacher who started the site from his one-bedroom apartment in Hangzhou in 1998, Alibaba now controls 80% of online commerce in China.
Jack Ma: how much is he worth?
Alibaba’s share sale was expected to start at 10:30am but was delayed as officials worked there way through a huge number of orders from retail investors. Over 1,700 investment firms worldwide are believed to have put in orders for shares.
Sam Hamadeh, chief executive of analyst PrivCo said the delay was unusual. “But this is an unusual IPO because it so large,” he said. He pointed to Facebook’s IPO in 2012, which proved a disaster as the Nasdaq’s systems were overwhelmed by orders for what was then the largest tech initial public offering of all time. “They clearly want to get this right,” he said
The biggest ever share sale in the US got off to a flying – if delayed – start on Friday as shares in Alibaba, the Chinese internet giant, started trading in the New York Stock Exchange at $92.70 – much higher than their initial $68 price.
The sale of China’s biggest online retailer has triggered a frenzy among investors clamouring to buy into the the world’s fastest growing market and a new tech titan. Shares soared to $95 in early trading, more than 40% above the start price.
Founded by Jack Ma, a former English teacher who started the site from his one-bedroom apartment in Hangzhou in 1998, Alibaba now controls 80% of online commerce in China.
Jack Ma: how much is he worth?
Alibaba’s share sale was expected to start at 10:30am but was delayed as officials worked there way through a huge number of orders from retail investors. Over 1,700 investment firms worldwide are believed to have put in orders for shares.
Sam Hamadeh, chief executive of analyst PrivCo said the delay was unusual. “But this is an unusual IPO because it so large,” he said. He pointed to Facebook’s IPO in 2012, which proved a disaster as the Nasdaq’s systems were overwhelmed by orders for what was then the largest tech initial public offering of all time. “They clearly want to get this right,” he said
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