Which company’s 2014 IPO was the largest in history before Saudi Aramco’s 2019 IPO?

Alibaba Group had the largest IPO in history before Saudi Aramco’s 2019 IPO.

Alibaba’s New York Stock Exchange offering in September 2014 raised about $21.8 billion, making it the largest initial public offering at the time. Underwriters later exercised an overallotment option, bringing the total to approximately $25 billion. The listing gave international investors access to one of China’s most important technology and commerce companies.

Alibaba operates major online marketplaces and has businesses spanning cloud computing, logistics, digital media, and financial technology through related companies. Its best-known platforms include Taobao and Tmall, which connect consumers and merchants in China and beyond.

Saudi Aramco surpassed Alibaba’s record in 2019. IPO rankings depend on the final amount raised, including any overallotment shares, so published figures may differ slightly depending on whether the base offering or the completed offering is being compared.