The Alibaba IPO
As you all know by know, we normally cover currency trading and forex news specifically here at OnlineForex.net. However, the IPO by one of the largest Internet companies in the world can not be missed. By the end of the day on Friday, Alibaba Group Holding Ltd had completed its first day of trading stock shares on the New York Stock Exchange.
The company has been in the spotlight over the past week as its executive chairman and founder, Jack Ma, announced his intentions to expand his business beyond the confines of China and bring Alibaba to the attention of a wider audience in Europe and the US.
Jack Ma founded the company in the late 1990’s and it is believed that after a hectic day of trading on Friday, it now has a market value of $231 billion.
The day started with Alibaba’s shares being worth $92.70 before midday, then rising to $99.70 and finally settling down at $93.89. It has been reported that trading was delayed due to the huge demand for the shares from various interested parties. On top of this, it is understood that Jack Ma’s company controls around 80% of all online trading within China and it looks set to go global by competing with giants like Amazon and Ebay, whose combined worth is now less than that of Alibaba’s after last week.
Despite the resounding success of the first day of trading, which left him worth around $19 billion in shares, Jack Ma does not wish to forget the people who have made his dream a reality, the customers and employees, who he says should come before the shareholders. It seems that there is a new player in town and it will be interesting to see how this story unfolds in the coming weeks and months.
