Alibaba Shares Make New York Trading Debut

Trading is underway in Alibaba shares following a flotation that could raise a world record sum of $25bn (£15.3bn).

The Chinese e-marketplace, which priced its initial public offering (IPO) at the top end $68-a-share (£42), is to trade on the New York Stock Exchange (NYSE) under the ticker "BABA".

Follow first day share price movements here.

It was the biggest flotation in US history at almost $22bn but market experts say the listing is on course to become a world record.

Jack Ma is in New York for the IPO

If, as expected, underwriters exercise an option to buy up more shares to meet demand, the sale is expected to raise $25bn - more than the $22.1bn by China's AgBank in 2010.

NYSE, anxious to avoid a repeat of the glitches which marred Facebook's IPO on the rival Nasdaq exchange in 2012, said extensive testing of its systems had identified no problems.

The opening bell was rung at 2:30pm BST as Alibaba representatives looked on.

The company's founder and executive chairman Jack Ma, who started the company in a one-bedroom apartment, has shares that stand to be worth up to $14bn though one of the biggest winners will be Yahoo!

The tech firm's in line to make almost $10bn as it prepares to lower its stake in Alibaba - an investment it made for $1bn in 2005.

Its total holding before trading got underway was valued at $26bn.

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