The stock market had never seen an IPO like it. At $25bn, assuming the expected high demand leads the underwriters to sell the maximum of shares available, Alibaba’s launch on the New York Stock Exchange on Friday looked set to be the biggest stock sale ever. Jack Ma, the Chinese ecommerce company’s charismatic founder, was on hand for the celebration at the New York Stock Exchange as China’s richest man became 38 per cent richer. FT reporters Sarah Mishkin, Hannah Kuchler, Eric Platt and Sujeet Indap reported it as it happened.
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