Alibaba just opened trading on the New York Stock Exchange at $92.70 per share, up 36 percent from the $68 share price of its initial public offering.
The opening price gives the company a valuation of $237.7 billion.
The stock, which is listed under the ticker symbol $BABA, didn’t start trading until nearly three hours after the NYSE opened. (Twitter, which went public on the NYSE about a year ago, took about an hour-and-a-half to start trading.) During that time, expectations for the opening price kept climbing.
The IPO will be a windfall for major shareholder Yahoo (among many others).
TechCrunch’s Jon Shieber was actually on the floor of the NYSE this morning — stay tuned for his video featuring interviews with major Alibaba shareholder Masayoshi Son, the founder and chief executive of Softbank, traders and New York Stock Exchange executives.