Alibaba’s Initial Public Offering Breaks World Record

Following the sale of additional shares by Alibaba Group Holding Ltd and some of its shareholders, the e-commerce giant’s initial public offering (IPO) has now become the world's highest in history at $25 billion.

Riding high on demand, the IPO initially raised $21.8 billion. Alibaba's stock then surged by 38%. The IPO broke the earlier global record set by Agricultural Bank of China Ltd in 2010; the bank raised $22.1 billion then.

Alibaba agreed to sell 26.1 million additional shares, while Yahoo Inc chose to sell 18.3 million, with both the companies garnering extra $1.8 billion and $1.2 billion, respectively.

Alibaba's Jack Ma and company co-founder Joe Tsai decided to sell extra 12.7 million and 902,782 shares additional shares, respectively.