Alibaba Group set the previous record for the largest IPO before Saudi Aramco surpassed it.
Alibaba’s initial public offering on the New York Stock Exchange in September 2014 raised about $21.8 billion at first. Underwriters later exercised an overallotment option, bringing the total to approximately $25 billion and making it the largest IPO at that time.
The Chinese company operates major e-commerce platforms, including Taobao and Tmall, and has also developed businesses in cloud computing, logistics, digital media, and payments-related services. Its listing gave international investors a major public-market entry point into China’s expanding internet economy.
Saudi Aramco exceeded Alibaba’s record in 2019 with its own offering. Alibaba’s listing is sometimes described using its initial amount or its final amount after the overallotment, which explains why different sources may show slightly different figures.