Chinese e-commerce giant Alibaba (BABA) went public on Friday on the New York Stock Exchange (NYSE) at a price of US$ 68.00, valuing the company at nearly US$ 230 billion and rendering it the 18-largest publicly-traded company in the world.
The opening price was $92.70 and the share price rocketed to $99.70 before traders booked more profits. At current prices, Alibaba has a larger market capitalisation than Facebook (FB) and Amazon (AMZN) but less than Google (GOOG). Currently the world's largest e-commerce company, Alibaba reportedly saw more than US$ 300 billion of goods sold on its marketplaces in 2013.
The blue horizontal line in the chart below is the IPO price of $68.00. We can see the first tick of $92.70 followed by an intraday High of $99.70.
In this chart below, we can see technical analysis is already hard-at-work on Alibaba. Traders bought the stock just above the $90.66 level, representing a 76.4% retracement of a second wave of intraday profit-taking.
The share price closed on Friday at $93.38.
Please view our YouTube video to see IPO and the first day's trading activity.
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