Latest in Alibaba

Image credit:

Alibaba IPO makes it worth $231 billion, more than Amazon and eBay combined

1 Shares
Share
Tweet
Share
Save

Sponsored Links

We'd heard that the US IPO for Chinese company Alibaba could be among the biggest ever, and it did not disappoint. Closing at a stock price of $93.89, it raised $21.8 billion for the company and is the biggest IPO in US history. According to Bloomberg, it could become the biggest ever (topping Agricultural Bank of China's $22 billion IPO in 2010) if underwriters make use of an option to buy more shares, which market observers expect they will. Now that Alibaba has joined the club of recent tech IPOs like Facebook and Twitter and it has cash to throw around, many wonder if it will start acquiring smaller companies the way its Silicon Valley rivals have lately. Despite being mostly unknown in the US Alibaba is massive in China, operating sales platforms described as similar to Amazon, eBay and Paypal, and Reuters says it controls more than 80 percent of online sales there. Jack Ma (pictured above) founded the company in his apartment in 1999 and is now China's richest man, personally worth some $18 billion as of market close, according to the Wall Street Journal.

[Image credit: PETER PARKS/AFP/Getty Images]

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
1 Shares
Share
Tweet
Share
Save

Popular on Engadget

'Red Dead Redemption 2' photo and story modes come to PS4

'Red Dead Redemption 2' photo and story modes come to PS4

View
TiVo's iPhone app finally streams shows using cellular data

TiVo's iPhone app finally streams shows using cellular data

View
'Fortnite' adds lightsabers following Star Wars event

'Fortnite' adds lightsabers following Star Wars event

View
A 'Snow Crash' TV series is coming to HBO Max

A 'Snow Crash' TV series is coming to HBO Max

View
New Orleans declares state of emergency following cyberattack

New Orleans declares state of emergency following cyberattack

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr