Why Alibaba (BABA) Stock Is Skyrocketing in Its Debut After IPO

NEW YORK (TheStreet) -- Shares of Alibaba Group Holding  (BABA) soared 36.63% to $92.91 in midday trading after the largest U.S. IPO in history hit the trading floor around 11:53 a.m. ET on Friday at the price of $92.70 a share.

Investors snapped up shares of the highly anticipated IPO with about 79.8 million shares traded on the New York Stock Exchange by 12:14 p.m.

Alibaba raised nearly $22 billion through its IPO this week, which made it one of the world's most valuable companies.

Watch the video below for a closer look at Chinese e-commerce giant Alibaba:

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BABA Price Chart BABA Price data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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