Alibaba Group, the China-based e-commerce giant that went public last week, has set a new record for biggest IPO in history.
After Alibaba went public on Friday and raised $21.8 billion, underwriters on the deal saw such high demand that they exercised an option to sell an additional 48 million shares, Reuters reported Monday, citing people who claim to have knowledge of the situation. That bumped the total IPO value to $25 billion, according to the report.
Alibaba has become a major player in the worldwide e-commerce world and quickly became a star on Wall Street. Alibaba opened on the New York Stock Exchange at $92.70 and quickly shot up to nearly $100 before settling in the low $90s.. The company trades under the ticker "BABA."
With underwriters exercising their right to sell additional shares, Alibaba surpassed Agricultural Bank of China's $22.1 billion IPO in 2010 as the largest of all time.
For its part, Alibaba has not confirmed that it in fact sold additional shares on the market and has so far not responded to CNET's request for comment.
Alibaba shares are down about 4 percent to $90 in early trading on Monday.