Alibaba Group’s 2014 stock-market debut set the previous record for the largest IPO before Saudi Aramco.
Alibaba raised $21.8 billion in its September 2014 initial public offering on the New York Stock Exchange. After underwriters exercised an over-allotment option, the total reached about $25 billion, making it the largest IPO at that time. Saudi Aramco surpassed the record in 2019.
Alibaba is a Chinese multinational technology company best known for e-commerce platforms such as Taobao and Tmall. Its business also includes cloud computing, digital media, logistics, and other internet services, so the IPO attracted global attention beyond retail.
IPO rankings can be revised after the offering closes because an over-allotment option may add shares. That is why published totals sometimes differ between the initial deal size and the final amount raised.