Alibaba had the largest IPO before Saudi Aramco surpassed it in 2019.
Alibaba Group raised about $25 billion in its September 2014 listing on the New York Stock Exchange. The offering made it the largest initial public offering at that time and placed the Chinese e-commerce company among the most valuable newly public businesses.
Alibaba operates businesses spanning online marketplaces, cloud computing, logistics, digital media, and other services. Its best-known platforms include Taobao and Tmall, which connect consumers and merchants across China and international markets.
Saudi Aramco’s 2019 offering initially exceeded Alibaba’s total, although the precise comparison depends on whether an overallotment option is included. IPO rankings can also change when offerings are adjusted for inflation, converted between currencies, or measured by proceeds rather than first-day market value.