Alibaba has becomes the fourth most valuable tech company in the world. The e-commerce giant based in China just made its Wall Street debut with what is considered to be the biggest Initial Public Offering of all time.
The tech company was able to raise a staggering $29.7 billion for its IPO. That amount is way larger than the amount raised by the previous record IPO which was Visa raising $17.9 billion. The IPO for Alibaba was first priced at $68 per share but the price rose to $92.7 when the trading began. Because of its sensational entry into the market, Alibaba is now considered to be one of the most valuable tech companies in the world with a market value of over $228 billion.
With its value, Alibaba is now trailing behind other industry giants like Apple, Google and Microsoft. Apple is still by far the most valuable tech company in the world. With a value of more $600 billion it is even bigger than the GDP of many countries in the world. Apple is followed by Google, the search engine titan which has begun to venture into other areas of business technology. Close behind with Google is Microsoft which was once the most valuable tech company in the world.
Alibaba's rise to become one of the biggest names in tech is significant because it has left behind Amazon which is in the same line of business. Amazon had a few years head-start and is now employing more than three times the number of people employed by Alibaba yet its value is only at a $150 billion which is only enough to make it the tenth biggest company. Alibaba also jumped ahead of other established tech names like Samsung, Oracle and IBM. Alibaba's rise is considered to be quite an achievement.
