Alibaba Group set the world record for the largest initial public offering before Saudi Aramco’s 2019 listing. Alibaba raised $21.8 billion in its September 2014 New York Stock Exchange offering, and an overallotment option later lifted the total to approximately $25 billion.
Alibaba is a Chinese technology group best known for its e-commerce platforms, including Taobao and Tmall. Its public debut was notable because the company chose the New York Stock Exchange rather than a mainland Chinese exchange.
The IPO record is about capital raised from the sale of newly issued and existing shares, not simply the company’s total market capitalization. Saudi Aramco surpassed Alibaba’s fundraising total in 2019. Alibaba’s listing nevertheless remains one of the defining public-market events in the history of internet companies.