For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails
Sign up to our free breaking news emails
The float of Chinese e-commerce giant Alibaba has officially become the world’s biggest, as the sale of additional shares took the amount raised to more than $25 billion (£15.3 billion).
Friday’s listing on the New York Stock Exchange initially raised $21.8 billion but underwriters have sold an extra 48 million shares, according to Reuters, pushing it above the previous record of $22.1 billion set by Agricultural Bank of China in 2010.
Alibaba’s co-founder and chairman, former schoolteacher Jack Ma, sold an extra 2.7 million shares — netting him a further $184 million. The company itself sold another 26.1 million shares and Yahoo disposed of 18.3 million, banking them $1.8 billion and $1.2 billion respectively.
Alibaba IPO in pictures
Show all 6
Shares in the firm started trading on Friday at $92.70 a share, more than a third higher than the listing price of $68, before closing the day at $93.89.
“I don’t want disappointed shareholders,” said Ma, now worth more than $14 billion, on Friday. “I want to make sure they make money.”
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies