Investors Love Alibaba: It Passes Facebook's Market Value
It opens 35% higher than IPO price
By John Johnson,  Newser Staff
Posted Sep 19, 2014 12:27 PM CDT
Jack Ma, center, founder of Alibaba, raises a ceremonial mallet before striking a bell during the company's IPO at the New York Stock Exchange Friday.   (AP Photo/Mark Lennihan)

(Newser) – Alibaba's long-awaited debut on the New York Stock Exchange hasn't disappointed. The Chinese e-commerce behemoth opened at $92.70 per share, about 35% above its IPO price of $68, reports USA Today. The frenzied demand pushed the company's market value to $228.5 billion, ahead of even Facebook's value of $200 billion, reports Bloomberg. The big day is in stark contrast to Facebook's IPO in 2012, which was plagued with tech glitches on the Nasdaq exchange. (It took the company nearly a year to get back to its IPO price of $38.) "We've got hundreds of thousands of orders,'' says an NYSE official, explaining why Alibaba's IPO got delayed this morning—everyone wanted to buy, not sell. "Even at these levels, there doesn't appear to be a lot of sellers."