Tuesday, September 23, 2014

Chinese IPO becomes 11th largest company in U.S. on opening day of trading

On Sept. 19, the Chinese version of Amazon.com opened from trading on the NYSE a day after going public in a record setting IPO.  Alibaba, which was built from the ground up by former school teacher Jack Ma, quickly flew from its IPO price of $68 per share to a whopping $92.30 at the time of the opening bell.
 
Closing the day around the same price, Alibaba has a market cap of right around $230 billion, and in just one day, became the 11th largest company in the U.S., surpassing long-standing companies like Facebook, J.P. Morgan Chase, Verizon, IBM, and Coca-Cola.  Only megaliths in the corporate world now stand higher than Alibaba, with Apple at number one, and with a market cap of over $380 billion more than the Chinese juggernaut.
 
 

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