Alibaba Group set the previous global IPO record by raising about US$25 billion in 2014.
Alibaba began trading on the New York Stock Exchange on September 19, 2014. Its offering raised approximately US$21.8 billion at first, and the total increased to about US$25 billion after underwriters exercised an over-allotment option. The deal made it the largest IPO in history at that time.
Alibaba operates major e-commerce platforms including Taobao and Tmall, along with logistics, cloud computing, and other digital businesses. Its listing gave international investors access to one of China’s most influential technology groups.
Saudi Aramco surpassed Alibaba’s fundraising record in 2019. IPO proceeds measure newly issued shares sold in a listing, whereas market capitalization measures the value of all outstanding shares after trading begins; the two figures are related but not identical.