Alibaba parts with more shares to smash record for biggest ever IPO

Alibaba's founder Jack Ma at the New York Stock Exchange before his company's initial public offering

Alibaba's initial public offering (IPO) now ranks as the biggest ever at $25bn (€19.5bn) after the Chinese ecommerce giant and some shareholders parted with additional shares yesterday following Friday's market debut.

Banks that underwrote the stock floation have earned more than $300m. The fees are equivalent to 1.2pc of the deal - with Alibaba paying $121.8m and shareholders selling stock as part of the deal another $178.6m, according to a filing with the US Securities and Exchange Commission on Monday.