Chinese e-commerce giant Alibaba went public on the New York Stock Exchange today in what is officially the largest IPO in US stock market history.
The stock opened at $US92.70 per share, putting the company’s market cap at over $US228 billion.
So, just how big is that?
“Based on yesterday’s closing prices for the companies in the S&P 500, Alibaba would be one of the largest 15 companies in the S&P 500 by market capitalisation,” FactSet’s John Butters said. “It would rank #12 in the index overall, ahead of companies in more “traditional” industries such as Pfizer ($193.9 billion), IBM ($193.3 billion), and Coca-Cola ($183.3 billion).
“Looking specifically at the Internet Software & Services sub-industry in the S&P 500, Alibaba would rank second out of seven companies by highest market capitalisation. It would be behind Google, but ahead of Facebook, eBay, Yahoo!, Akamai Technologies and VeriSign.
“Looking specifically at the Internet Retail sub-industry in the S&P 500, Alibaba would rank first out of six companies by highest market capitalisation. It would be ahead of Amazon.com, priceline.com, Netflix, TripAdvisor, and Expedia.”