(Telecompaper) Alibaba has granted the underwriters of its IPO the right to sell another 48 million shares in the Chinese internet company, after strong demand for the listing. In the initial offering, Alibaba sold 123.1 million American Depositary Shares, and its shareholders Yahoo, Jack Ma and Joe Tsai sold together 197.0 million shares. The offering was priced at the opt end of the indicated range, at USD 68 per share. After under writing discounts and commissions, the net proceeds were USD 8.3 billion for Alibaba and USD 13.2 billion for the selling shareholders. On its first day of trading on the New York Stock Exchange, Alibaba shares rose 38 percent to close at USD 93.89.