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Alibaba shares surge 46 percent in their debut


    (Reuters) - Alibaba Group Holding Ltd's shares rose as much as 46 percent in their first day of trading on Friday, lifting the Chinese online retailer's value to $244 billion.

    The company's initial public offering, on track to be the biggest ever if underwriters exercise their option to sell more shares, will help fund Alibaba's expansion in the United States and elsewhere.

    The sale raised more than $8.2 billion for the company after fees for underwriters, and about $13 billion for major shareholders.

    Alibaba's shares were trading at $99 on the New York Stock Exchange at 11:58 a.m. ET, versus the IPO price of $68.

    (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)