Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

China's Alibaba Makes Its U.S. Trading Debut on the NYSE

/ Source: CNBC.com

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Alibaba shares opened at $92.70 a share on the New York Stock Exchange on Friday, in the biggest initial public offering in history. The Chinese online retailer raised almost $22 billion in an initial public offering that will make the Chinese e-commerce brand one of the most valuable companies in the world. More than 100 million shares were traded within the first 10 minutes of Alibaba's market debut.

"This is the biggest IPO the world has ever seen, so there’s a celebratory mood on the floor, whether you like it or not," said Benedict Willis, director of floor operations at Sunrise Securities Corp on the NYSE floor. Alibaba is nearly unknown to most Americans but is ubiquitous in China, where it is responsible for 80 percent of online sales. The company earned $3.7 billion in the 12 months ended March 31, 2014, up about $2 billion from the prior 12-month period.

SOCIAL

-- CNBC.com and Reuters contributed to this report.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news

Have feedback?

How likely are you to recommend nbcnews.com to a friend or colleague?

0 = Very unlikely
10 = Very likely
Please select answer

Is your feedback about:

Please select answer

Leave your email if you’d like us to respond. (Optional)

Please enter a valid email address

Thank you!

Your feedback has been sent out. Please enjoy more of our content.

We appreciate your help making nbcnews.com a better place.