Chinese Internet giant Alibaba opened on the New York Stock Exchange at $92.70 a share.
This marks the biggest initial public offering in U.S. history.
The IPO was set at $68 a share last night and was supposed to give the online marketplace operator a value of $168 billion. It’s valuation is now estimated to be $233 billion, according to Bloomberg.
Alibaba spans e-commerce, cloud services, microblogging, ride sharing, maps and location services, mobile messaging services, and more. It’s often compared to Amazon, because it’s most known for its shopping sites TaoBao and T-mall, though it is clearly more sprawling.
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Increasingly, Alibaba has been looking to expand to the U.S. “We are coming here not to compete. We’re coming here to help a lot of small business,” said Alibaba executive chairman Jack Ma in an interview with Bloomberg News. Today’s IPO marks the company’s biggest push into the U.S. market.
