Alibaba Group Holding Ltd (NYSE: BABA) opened for trading Friday while the world watched. Everyone wanted to know how the largest U.S.-listed IPO would fare on its first day of trading.

A record-setting $22 billion was raised when Alibaba’s 320 million American Depository Shares priced at $68. At $68, the Chinese e-commerce giant’s valuation was an astonishing $168 billion, larger than Amazon.com, Inc. and eBay Inc.

By 9:30 a.m. EST, market makers were working diligently to open the stock for trading. The expected opening range started off in the $80’s, and by the time it opened, that range had climbed well above $90 per share.

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Alibaba opened 36 percent above its IPO price at $92.70. The stock raced out of the gate with plenty of volume, putting in a high of $99.70 within eight minutes of the first trade. Sellers then stepped in to drive the stock below its opening price to a first-day low of $89.95 around 1:35 p.m. EST.

The remainder of the day traded within the $90 and $94 range. When the closing bell rang, Alibaba’s price of $93.89 signaled a 38 percent gain for IPO investors and 1.2 percent from its opening trade.

Disclosure: At the time of this writing, the author holds a long position in Alibaba.

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