Chinese Internet juggernaut Alibaba made history on Friday when the globe-trotting company went public in the largest IPO ever, solidifying China's place as a world leader in e-commerce and introducing fierce competition to Silicon Valley tech giants.
Shares of the Alibaba Group, whose e-commerce and wholesale businesses are larger the eBay and Amazon combined, popped Friday morning, opening at $92.70 — a 36 percent increase over the $68 per-share price set Thursday night. Shares of the highly sought company rose dramatically in the first minutes of trading to just shy of $100, one of the highest-priced debuts on a U.S. stock market.
Source: Silicon valley
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