Alibaba Group Holding Limited's shares ascended to an astonishing 38% mark in their first day of trading on Friday, September 19 which may rank them as the largest IPO of all times.

People were so delighted as they took photos of  Jack Ma exiting the New York Stock Exchange after the auspicious debut of the Chinese e-commerce company he founded, as if he won the Oscars.

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Before noon on Friday Eastern Time, the stock price started at $92.70 aggresively rose to $99.70 and closed at $93.98. Though short of volume as compared to IPO's Facebook and General Motors, Alibaba doubled Twitter's break on their first day in 2013.

At its share price of almost $94, Alibaba now has market value of $231B which exceeds two of the leading e-commerce companies in the US, Amazon and eBay. Alibaba is rather popular in the US yet to China, this company is highly renown.

Alibaba operates Taobao, the biggest internet shopping destination in China. Taobao earned up to $3.7B in a 12-month period which ended in March of 2014 as compared to the previous period at $2B.

Moreover, the head of the New York Stock Exchange, Scott Cutler said that adding 48M shares is a great option. This would increase the size of the IPO from $21.8B as recorded on Thursday, up to $25B which makes the largest primary offering in the IPO history.

As recorded on Thomson Reuter's Starmine data, the company is presently worth 39 times its projected earnings per share. This goes in line with Facebook as it is also computed 39 times of its earnings. All the while, Amazon's valuation still gains 264 times.

Ma said on CNBC that he does not want to be disappointed by shareholders. He needs investors who surely make money. Other large investors like Yahoo and Japan's Softbank worked along with the company where Yahoo sold about $8B of shares, unfortunately hitting them down to 2.7%.

Jack Ma founded Alibaba in the late 90's in his apartment and now engulfing 80% of China's online sale. Alibaba's astonishing performance in the stock market made Ma boast his fortune which is over $14B keeping him in line with the world's richest - Jeff Bezos and Bill Gates.

TagsAlibaba IPO, Alibaba stocks, Alibaba Group Holding Limited