Alibaba Group had the world's largest initial public offering when it raised about $25 billion in 2014.
Alibaba began trading on the New York Stock Exchange on September 19, 2014. The offering raised approximately $21.8 billion initially, and the underwriters later exercised an overallotment option that brought the total to about $25 billion. It therefore set a record for the largest IPO at the time.
The Chinese company operates major online-commerce platforms, including Taobao and Tmall, and also has businesses in cloud computing, logistics, digital media, and other services. Its scale made the listing one of the most closely watched offerings in global markets.
The record is about money raised in the offering, not necessarily the company's peak market capitalization. Saudi Aramco later exceeded the IPO fundraising total in 2019, while Alibaba's 2014 listing remains a landmark in technology and international capital markets.