China’s Alibaba launches record public stock offering

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Fortune

Updated at 11:55 a.m. ET Friday

Shares of Chinese e-commerce giant Alibaba began trading on the New York Stock Exchange Friday after pricing at $68 a piece last night, launching the biggest IPO in U.S. history.

Shares in Alibaba opened significantly higher, at $92.70, on their debut Friday morning.

The stock offering is expected to raise at least $21.8 billion. However, CNBC reported Friday morning that underwriters may make use of an overallotment option, which is called a “green shoe,” meaning more shares of the company could be sold, potentially raising over $25 billion and making the IPO the biggest in history.

The stock sale places the company in the ranks of the most valuable Internet companies with a market capitalization of some $168 billion, exceeding industry standard bearers like Amazon [fortune-stock symbol=”AMZN”, Yahoo [fortune-stock symbol=”YHOO”] and Twitter [fortune-stock symbol=”TWTR”]. It also puts an exclamation point on China’s rapid rise…

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