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Alibaba IPO: Stock surges 38% in market debut
Alibaba IPO: Stock surges 38% in market debut

Alibaba Holding Group's initial public offering was a monster success, roaring out of the gate Friday at a 38% premium to its offer price, sucking $21.8 billion into the Chinese online powerhouse's coffers. The largest U.S. IPO ever sent thrills through the New York Stock Exchange, where the stock opened at $92.70, soared near $100, and thudded back down before closing at $93.89. It showered $900 million cash on Jack Ma, Alibaba founder and executive chairman. The company's market value came to $231.4 billion by day's end. "It was important for their worldwide image to have a successful IPO, and the best way to do that is have it go up on the offering,"...

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