Alibaba Group set the previous record for the world’s largest IPO with its 2014 stock-market debut.
Alibaba raised about US$21.8 billion in its September 2014 IPO on the New York Stock Exchange. After underwriters exercised an overallotment option, the offering reached about US$25 billion, making it the largest IPO at the time.
Alibaba is a Chinese technology group whose major businesses include online marketplaces, cloud computing, logistics, digital media, and consumer services. Its best-known marketplace platforms include Taobao and Tmall, which connect merchants with consumers in China and beyond.
Saudi Aramco later surpassed Alibaba’s record in 2019. Alibaba’s IPO also illustrates that the location of a listing does not necessarily identify a company’s home country: Alibaba is Chinese, but its shares debuted in New York.