Chinese e-commerce company Alibaba ended its first day of trading on the New York Stock Exchange at $93.89, a 38% gain on its IPO price.
The percent jump placed the company’s market value at over $231 billion at the end of Friday’s session. Shares were priced at $68 apiece on September 18, and the stock began trading at $92.70 the following morning.
Alibaba finished its 10-day roadshow, consisting of about 100 meetings worldwide, on Thursday. The roadshow’s aim was to communicate with potential investors ahead of the company’s highly anticipated IPO. Less than two days into the process, the company, often described as the Chinese version of eBay, had received enough orders to cover the IPO.
On Twitter, Alibaba posted a message about staffers at the Alibaba Group campus in Hangzhou, China celebrating.
Sard Verbinnen & Co., Brunswick Group, and Hill+Knowlton Strategies have been supporting Alibaba on communications surrounding its IPO.