Alibaba makes market history
- 10 years ago
As if somebody said the magic word, the doors opened wide for Chinese e-commerce giant Alibaba Friday as it made its public debut at the New York Stock Exchange.
Shares priced at the high end of the expected range at $68 a share and shot up more than 30 percent in the first 10 minutes of trading. It marks the biggest IPO in history.
Demand for a slice of the 15 year-old company started by a former English teacher, Jack Ma, has been fierce and for good reason says Rett Wallace of Triton Research.
SOUNDBITE: RETT WALLACE, CEO, TRITION RESEARCH (ENGLISH) SAYING:
"When you can buy something that's new and exciting and is already up and running and already well established and working very well, it's unique and something for people to get excited about."
Unlike other Internet companies, which investors buy believing they can grow, Alibaba already dominates in the world's second largest economy. It accounts for eight of every 10 online transactions. Users can bu
Shares priced at the high end of the expected range at $68 a share and shot up more than 30 percent in the first 10 minutes of trading. It marks the biggest IPO in history.
Demand for a slice of the 15 year-old company started by a former English teacher, Jack Ma, has been fierce and for good reason says Rett Wallace of Triton Research.
SOUNDBITE: RETT WALLACE, CEO, TRITION RESEARCH (ENGLISH) SAYING:
"When you can buy something that's new and exciting and is already up and running and already well established and working very well, it's unique and something for people to get excited about."
Unlike other Internet companies, which investors buy believing they can grow, Alibaba already dominates in the world's second largest economy. It accounts for eight of every 10 online transactions. Users can bu