Which company’s 2010 IPO was the largest in history at the time, raising about US$21.8 billion?

Agricultural Bank of China conducted the largest initial public offering at the time in 2010, raising about US$21.8 billion.

The bank’s dual listing took place in Shanghai and Hong Kong in July 2010. Its offering attracted global attention because of the size of China’s financial sector and the scale of the country’s public markets. An overallotment option later increased the proceeds to approximately US$22.1 billion.

Agricultural Bank of China was established in 1951 and grew from a lender focused on agriculture and rural communities into a large commercial bank. It is one of China’s “Big Four” state-owned commercial banks, alongside Industrial and Commercial Bank of China, China Construction Bank, and Bank of China.

Alibaba later surpassed the record with its 2014 IPO, while Saudi Aramco became the record holder in 2019. IPO proceeds measure money raised by selling shares; market capitalization measures the value of all outstanding shares after listing, so the two figures should not be confused.