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Alibaba overtakes Uber as largest IPO in 2019

Lianna Brinded
Updated
Jack Ma, former chairman of Alibaba Group Holding Ltd., is displayed on screens during the company's listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Tuesday, Nov. 26, 2019. Photo: Paul Yeung/Bloomberg
Jack Ma, former chairman of Alibaba Group Holding Ltd, seen on screens during the company's listing ceremony at the Hong Kong Stock Exchange, China, on Tuesday. Photo: Paul Yeung/Bloomberg

Shares in Chinese e-commerce giant Alibaba (BABA) surged this morning after it started trading for the first time in Hong Kong (9988.HK).

In one of the year's most anticipated stock offerings, the Alibaba stock price rose by 6.65% to close at HK$187.70, up from the HK$176 opening price.

The share rise helped it raise about $11.3bn (£8.8bn) in its secondary listing — making it the year’s largest initial public offering (IPO), overtaking Uber (UBER) for the top spot, according to data firm Dealogic. In May, the ride-hailing firm raised $8.1bn in its New York debut listing.

Chart: Yahoo Finance
Chart: Yahoo Finance

Chairman Daniel Zhang welcomed Alibaba's return "home" to Hong Kong after he struck the gong to start trading.

Alibaba, which does everything from e-commerce to financial services and artificial intelligence, had considered Hong Kong as the city for its IPO. However, after failing to secure regulatory approval in the territory, it opted for New York.