Reginal Thomas
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Alibab's Shares Rise With Largest IPO In History

Alibaba Group Holding Ltd's stock rose on its first day of trading as investors rushed to buy shares of what seems to be the largest IPO in history and profit from China's growing middle class. Shares for the e-commerce giant opened at $92.70 and quickly jumped to $99.70 in active trading. Over 100 million shared changed hands in composite trading during the first ten minutes of trading. Mark Otto, partner in J. Streicher & Co. said, "THis is the most anticipated event I've ever seen in my 20 year career on the floor of the NYSE. I think today's move is sustainable: The company is profitable, unlike some of its competitors, and it is a way for traders to tap into the Chinese growth story."