China's Alibaba Stock Jumps in Market Debut
The largest U.S. IPO ever raised $21.8 billion
The stock of Chinese e-commerce giant Alibaba jumped in Friday trading in its market debut.
The stock opened at $92.70 at 11:55 a.m. ET after its opening price was determined in a process that took more than two hours. The IPO had priced at $68 late Thursday. That meant the opening price marked a jump of more than 36 percent from the set price late Thursday.
At noon ET, the stock traded above $99.
The stock market debut is the largest U.S. IPO in history, raising $21.8 billion. Prior to Alibaba, the biggest was Visa, which raised $17.9 billion in 2008.
The stock began trading Friday on the New York Stock Exchange under the ticker symbol "BABA." Chinese billionaire Jack Ma is the chairman of Alibaba, which earlier this year launched a film unit.
The IPO also infuses about $8.3 billion in cash into the corporate coffers of Yahoo, an early investor in Alibaba. Yahoo continues to own a stake in Alibaba after the IPO. Investors and analysts are looking to see how Yahoo CEO Marissa Mayer and her team will use its cash.
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