Alibaba, the Chinese e-commerce giant, secured its place in history Thursday as the largest U.S.-listed initial public offering (IPO) of all time.
The stock priced at $68 per share. That’s at the top of the expected range, signaling strong demand.
Only large investors like hedge funds are typically able buy at this IPO price. Alibaba’s shares will begin trading Friday under the ticker symbol “BABA” on the New York Stock Exchange. At that point, anyone can buy the stock.
The IPO deal raised $21.8 billion, the largest ever for a company listed on an American exchange. In any deal like this, the investment banks that help make it happen have the option to purchase additional shares. If you include all of those shares, the IPO would raise $25 billion — a world record.
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It’s not surprising. Alibaba and Aliexpress are the go to sources for many of my tech projects. I’ve even started looking from random nick nacks that aren’t available locally. Who know, maybe that’s where I’ll do all my holiday gift shopping.