E-commerce rate of return | Information Systems homework help

Alibaba IPO set record on September 18, 2014, the Chinese e-commerce company completed the largest initial public offering (IPO) in history, raising more than $21 billion by selling 320 million shares at $68 each. Early investors in the e-commerce giant got 60 percent of those proceeds; the rest went directly into company coffers to finance continuing operations and potential acquisitions. The public got the chance to buy Alibaba shares the next day when Alibaba (symbol BABA) started secondary trading on the New York Stock Exchange. Although the company earned only $1.25 in the prior year and pays no dividend, everyone, it seemed, wanted a piece of the company. On the first day of public trading, more than 271 million shares traded hands, and the share price soared to as high as $99.75 before closing at $93.89 a first-day gain of 38 percent.

At the closing price for the first day of Alibaba stock trades, what was the rate of return?