I'm waiting - within about 3 weeks, the stock price settles out once the IPO hype is off., then I'll investigate it seriously.
I did this with Facebook - waited until the price came down to it's original IPO price, and bought. Twitter didn't stay down for long, but it was a similar story.
At $66-68 BABA sounded reasonable, but it opened at $94, drifted around $90 mid-day, and is closing around $93.
I'm waiting.