Which company held the record for the largest IPO before Saudi Aramco surpassed it?

Alibaba Group held the record for the largest initial public offering before Saudi Aramco surpassed it in 2019.

Alibaba’s New York Stock Exchange IPO took place in September 2014. The offering initially raised about $21.8 billion, and an over-allotment option increased the total to approximately $25 billion. That made it the largest IPO ever at the time.

The Chinese company operates major e-commerce platforms including Taobao and Tmall, while its wider business has included cloud computing, digital payments through associated businesses, logistics, and entertainment. Its listing gave international investors direct access to one of China’s most important internet companies.

The IPO record is measured by money raised from the sale of newly offered and, where applicable, secondary shares. It is separate from a company’s market capitalization after listing. Alibaba’s post-IPO valuation and later share-price movements therefore represent different measurements.