Alibaba.com IPO jumps in Hong Kong debut

Shares of Chinese B2B web portal Alibaba.com more than double in value at market open on first day of trading.

November 5 2007: 9:54 PM EST

HONG KONG (Dow Jones/AP) -- Chinese e-commerce portal Alibaba.com debuted on the Hong Kong stock market Tuesday, with its shares soaring 122 percent to 30 Hong Kong dollars ($3.87) from its issue price of 13.50 Hong Kong dollars ($1.74).

Demand has been heavy for the business-to-business Web site, which raised more than $1.5 billion through its global offering of 858.9 million shares, a 17 percent stake of the company.

The public portion of its offering was 257 times oversubscribed.

Investors have been keen to tap into the booming Chinese technology market. Alibaba.com said its share sale was the biggest technology IPO since Google (Charts, Fortune 500) Inc.'s offering in August 2004. Top of page

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
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