This picture taken on September 19, 2014 shows staff of the Alibaba group celebrating as Alibaba stock goes live on the floor at the New York Stock Exchange, in the company's Hangzhou headquarters, east China's Zhejiang province. AFP PHOTO
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Alibaba Group Holding Ltd.'s initial public offering became the biggest ever at $25 billion, after bankers exercised an option to boost the deal size by 15 percent on strong demand. The underwriters exercised a so-called greenshoe option to sell an additional 48 million American depositary shares, according to a statement from Alibaba Monday. Shares of Alibaba soared 38 percent on their Friday trading debut, the biggest first-day jump for an IPO of at least $10 billion, data compiled by Bloomberg show. Operating profit at Alibaba advanced to $1.1 billion in the three months ended June, or 42 percent more than the combined profit of Amazon and eBay.Before the greenshoe option was exercised, Alibaba was already the largest U.S. IPO, ahead of Visa Inc.'s $19.7 billion first-time share sale in 2008, data compiled by Bloomberg show.
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