Alibabas $25bn IPO is Biggest Ever

shutterstock_218266663Chinese eCommerce group Alibaba has broken records with its $21.8bn (£12.9bn) IPO, the largest offering of any company in the US.

After share prices spiked from the initial $62 to $93.89, bankers exercised a greenshoe option to issue a further 48m shares, according to a source cited by Bloomberg, bringing the total to $25bn. This pushed it past the 2010 IPO of Agricultural Bank of China, worth $22bn, to become the biggest globally.

The group operates a wide range of businesses in China, including social network Sina Weibo, but in the west its probably best known for its its eCommerce business, which accounts for 80 per cent of the countrys online sales.