Alibaba had the world’s largest initial public offering before Saudi Aramco surpassed it in 2019.
Alibaba listed on the New York Stock Exchange in September 2014 and raised about $25 billion after the underwriters exercised an additional-allotment option. The offering made the Chinese e-commerce group one of the largest publicly traded technology companies at the time.
Alibaba operates major online commerce platforms, including Taobao and Tmall. Its business also expanded into cloud computing, digital payments through related services, logistics, and other technology activities.
The record concerns IPO proceeds, not the largest market capitalization ever achieved. A company can raise a large amount in an offering while another company has a higher total stock-market value. Saudi Aramco’s 2019 offering later took the proceeds record.