Alibaba, the Chinese e-commerce giant, secured its place in history Thursday as the largest US-listed initial public offering (IPO) of all time.
The stock was priced at $68 per share. That’s at the top of the expected range, signaling strong demand.
If you’ve never heard of Alibaba, you’re definitely not alone.
The Chinese company is often described as a mash-up of eBay, Amazon and PayPal. Alibaba has little presence in the US, though that’s expected to change. At the moment, it owns a stake in ride-sharing service Lyft.
Alibaba is hitting the public markets with some elite Silicon Valley company. The IPO values Alibaba at a whopping $167.6 billion. That’s more than double eBay’s $64 billion market value and even tops the market cap of 20-year-old Amazon.com.