Alibaba just opened trading on the New York Stock Exchange at $92.70 per share, up 36 percent from the $68 share price of its initial public offering.
The Chinese e-commerce giant raised $21.8 billion in its IPO, making it the biggest US public offering ever.
The opening price gives the company a valuation of $237.7 billion.
The stock, which is listed under the ticker symbol $BABA, didn’t start trading until nearly three hours after the NYSE opened. (Twitter, which went public on the NYSE about a year ago, took about an hour and a half to start trading.) During that time, expectations for the opening price kept climbing.
The IPO will be windfall for major shareholder Yahoo (among many others).
TechCrunch’s Jon Shieber was actually on the floor of the NYSE this morning — stay tuned for his video featuring interviews with traders and New York Stock Exchange executives.
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