Which company set the previous IPO record before Saudi Aramco’s 2019 listing?

Alibaba Group set the previous IPO record before Saudi Aramco’s 2019 listing.

Alibaba listed its American depositary shares on the New York Stock Exchange in September 2014. The offering raised about $21.8 billion at first, and an overallotment option later increased the total to approximately $25 billion. That made it the largest IPO in history until Saudi Aramco’s listing five years later.

Alibaba is a Chinese technology company associated with online commerce, cloud computing, logistics, digital media, and financial technology. Its IPO attracted global attention because it gave international investors a major public-market entry into China’s rapidly expanding internet economy.

IPO rankings depend on the amount raised, not simply the company’s market capitalization after trading begins. Alibaba’s shares rose on their first trading day, but the record refers to capital raised from the public offering itself.