FX.co ★ Alibaba shares surge 38% on first trading day

Shares of Chinese e-commerce giant Alibaba ended the first day of trading on the New York Stock Exchange with a 38% gain. Alibaba’s (BABA) shares ended its first trading session at $93.89, jumping 38.07% after the IPO was priced. The Chinese company's shares opened at $92.7 and quickly rose to a high of $99.7. By the end of the session, Alibaba had a market value of $231 billion, exceeding the combined market capitalization of Facebook and Amazon.
The scale of Alibaba's IPO is compared to a previous global record set by Agricultural Bank of China Ltd in 2010, when the lender raised $22.1 billion.
As a result, Alibaba raised nearly $21.8billion in its initial stock sale. Yahoo would have made $8.3 billion by selling Alibaba shares at the IPO.