Alibaba’s 2014 New York listing was the largest initial public offering before Saudi Aramco’s 2019 offering.
Alibaba Group began trading on the New York Stock Exchange on September 19, 2014. The offering raised about $21.8 billion, and an overallotment option later increased the amount to roughly $25 billion. It was widely reported as the largest IPO at that time.
Alibaba is a Chinese technology group whose businesses include online marketplaces, cloud computing, digital media, and logistics-related services. Its Taobao and Tmall platforms helped connect consumers and merchants across China, making the group one of the most prominent e-commerce companies in the world.
IPO size means the money raised by selling shares, not necessarily the company’s market capitalization. A company can have a very large valuation while selling only a small percentage of its shares. Saudi Aramco later surpassed Alibaba’s record with its Riyadh listing in 2019.