Alibaba Group Debuts on Wall Street with World-Record $25 Billion IPO

Chinese e-commerce company stock opens at $92.70

Last Updated: September 19, 2014 @ 9:13 AM

Chinese e-commerce company Alibaba (BABA) began its historic New York Stock Exchange IPO just before noon on Friday, opening at a price of $92.70 per share.

That trading number summed to a world-record Initial Public Offering of $25 billion.

The stock quickly soared even higher, topping $97 per share just a few minutes after the highly anticipated open.

Also read: Apple Stock Holds Steady After iPhone 6 Unveiling

Alibaba Group is based in Hangzhou, China. The company is essentially the Chinese eBay, though it quickly expanded into a global hub for consumer sales and online payments.

The company also owns a portfolio of U.S. investments, including online delivery service ShopRunner and ride-hailing app Lyft.

Also read: GoPro Stock Surges on First Day of Trading

The Alibaba open was actually delayed more than two hours due to order imbalances. Just before the stock finally opened, the latest indications forecasted $92-$93 per share, according to analysts on CNBC, an estimate which held.

American depositary shares of Alibaba Group Holding Ltd. were priced at $68 last night, as Forbes reported.

Also read: Jessica Alba’s Honest Company Raises $70 Million

Visa had previously held the title of largest U.S. IPO at $17.9 billion.

The record for biggest worldwide IPO was previously held by Agricultural Bank of China, which raised $24.3 billion when it went public in Hong Kong in 2010.

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