Alibaba raises $21.8B in IPO

Posted online September 19, 2014 | 6:41 am

The Alibaba Group, the Chinese Internet juggernaut, raised nearly $21.8 billion in its initial stock sale on Thursday, as investors flocked to buy a piece of the company that is poised to continue dominating China’s burgeoning e-commerce industry.

With shares priced at $68 apiece, the online market operator is poised to have a market value of about $168 billion, more than eBay, Twitter and LinkedIn combined, according to the New York Times.

Beginning trading on the New York Stock Exchange today, Alibaba will complete a journey to prove itself one of the world’s biggest Internet behemoths.

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