Which company’s 2014 New York stock-market debut raised a record $25 billion?

Alibaba Group’s 2014 New York stock-market debut raised a record $25 billion.

Alibaba launched its initial public offering on the New York Stock Exchange on September 19, 2014. The company and selling shareholders raised $21.8 billion at the initial price, and the underwriters’ overallotment option later increased the total to approximately $25 billion. It became the largest IPO in history at that time.

The listing introduced international investors to Alibaba’s online marketplaces, especially Taobao and Tmall. Alibaba used a variable-interest-entity structure because Chinese restrictions affected foreign ownership in some internet businesses. Investors bought shares in the offshore holding company rather than direct ownership of every operating asset in China.

Saudi Aramco surpassed Alibaba’s record in 2019 with its much larger energy-sector IPO. Alibaba’s offering is also distinct from Facebook’s 2012 IPO, which was one of the largest technology listings but raised considerably less.