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Alibaba shares up 46% in US trade
19 Sep 2014 17:05
Alibaba’s shares have risen as much as 46% in their first day of trading, lifting the Chinese online retailer's value to $244bn.
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The company's initial public offering, on track to be the biggest ever if underwriters exercise their option to sell more shares, will help fund Alibaba's expansion in the United States and elsewhere.
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The sale raised more than $8.2bn for the company after fees for underwriters, and about $13bn for major shareholders.
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Alibaba's shares were trading at $99 on the New York Stock Exchange at 11:58am Eastern Time, versus the IPO price of $68.
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