Alibaba Group set the previous record for the world’s largest initial public offering before Saudi Aramco’s 2019 listing.
Alibaba raised US$25 billion when it listed on the New York Stock Exchange on September 19, 2014. The offering made Alibaba one of the most valuable newly public companies and set a record for IPO proceeds at the time.
Alibaba is a Chinese technology group whose businesses have included online marketplaces, cloud computing, digital payments through affiliated structures, and logistics. Its flagship platforms connect buyers and sellers rather than operating solely as a traditional retailer.
Saudi Aramco later surpassed Alibaba’s initial total in 2019. The two events are sometimes confused because both companies entered public markets with very large valuations, but Alibaba’s offering was on the NYSE while Saudi Aramco’s was on Tadawul.