Sep 19, 2014 11:14 AM by News Staff
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.
In 2010 Alibaba purchased Chico's Auctiva, an eBay auction management system. In June, Alibaba announced they would launch 11main.com, allowing American customers to buy merchandise from an Alibaba affiliate for the first time. The 11Main.com division of Alibaba, is based in the Silicon Valley's San Mateo and has about 200 employees, but has an additional office in Chico.
(The Associated Press contributed to this report)
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