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Alibaba shares surge in debut on NYSE

By  Sun-Times Wire
   
SHARE Alibaba shares surge in debut on NYSE

Alibaba’s stock is rising 36 percent in the Chinese e-commerce powerhouse’s debut as a publicly traded company.

The stock opened at $92.70 on the New York Stock Exchange on Friday morning. At that price the company would be worth $228.5 billion. CEO Jack Ma stood on the NYSE trading floor Friday as eight Alibaba customers, including an American cherry farmer and a Chinese Olympian, rang the opening bell from the floor of the New York Stock Exchange.

On Thursday, Alibaba and the investment bankers arranging the IPO settled on a price of $68 per share. The company and its early investors raised $21.8 billion in the offering, which valued Alibaba at $168 billion in one of the world’s biggest ever initial public offerings.

MAE ANDERSON, AP Technology Writer

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