Alibaba squashes FB’s IPO record

The biggest ever share sale in the US got off to a flying – if delayed – start on Friday as shares in Alibaba, the Chinese internet giant, started trading in the New York Stock Exchange at $92.70 – much higher than their initial $68 price. The sale of China’s biggest online retailer has triggered a frenzy among investors clamouring to buy into the the world’s fastest growing market and a new tech titan. Shares soared to $95 in early trading before drifting down to around $90, 32% above the start price and instantly making the company one of the most valuable in the world.