Alibaba IPO Becomes World's Biggest After Additional Shares Sold

Alibaba's initial public offering has officially set the record for being the biggest IPO in the world at $25 billion. Underwriters of the sale exercised an option to sell an additional 48 million shares, increasing the deal size by 15%. That puts Alibaba above the previous global record holder, Agricultural Bank of China, which raised $22 billion in its 2010 Hong Kong listing. Shares of Alibaba, which had been priced at $68, surged in its trading debut on the New York Stock Exchange Friday, hitting $99 briefly before finishing the day up 38% at $93.89. The stock is trading down on Monday, but Jim Cramer advises to wait until it reaches the mid-80s before buying.