Alibaba set the record for the largest IPO by raising about $25 billion in 2014.
Alibaba Group listed on the New York Stock Exchange in September 2014. Its offering initially raised about $21.8 billion and reached approximately $25 billion after underwriters exercised an overallotment option, making it the largest initial public offering at the 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 scale made the listing one of the most closely watched public-market events of the decade.
Saudi Aramco surpassed Alibaba's record in 2019 with a larger offering. IPO rankings can therefore change over time, and the answer depends on the date being discussed. The record concerns money raised in the offering, not necessarily the company's total market capitalization.