Alibaba set the previous record for the world’s largest IPO with its 2014 New York listing.
Alibaba raised $21.8 billion in its September 2014 initial public offering on the New York Stock Exchange. An over-allotment option later increased the total to about $25 billion, making the offering the largest IPO in history until Saudi Aramco’s 2019 listing.
Alibaba is a Chinese technology group best known for its online commerce platforms, including Taobao and Tmall. Its business model differs from a conventional retailer because much of its commerce activity connects buyers and merchants while generating income through services, advertising, and fees.
The IPO record concerns the amount of money raised, not necessarily the company’s market capitalization after trading began. Those measures are related but distinct: proceeds go to the issuing transaction, whereas market capitalization reflects the market value of all outstanding shares.