Which company had the largest IPO in history before Saudi Aramco’s 2019 listing?

Alibaba Group had the largest IPO in history before Saudi Aramco’s 2019 listing.

Alibaba raised about $25 billion in its September 2014 initial public offering on the New York Stock Exchange. The offering surpassed the previous record and made Alibaba one of the world’s most prominent newly listed technology companies. An overallotment option increased the final proceeds to about $25 billion.

Alibaba operates major Chinese e-commerce platforms, including Taobao and Tmall. Its broader business has also included cloud computing, digital media, logistics, and other technology services. The IPO gave international investors a direct way to buy shares in the company.

Saudi Aramco later surpassed Alibaba’s record by raising about $29.4 billion in 2019. IPO rankings measure funds raised when shares are first offered, whereas market capitalization measures the value of all shares after listing. These two financial measures are often mistakenly treated as the same.