Saudi Aramco (2019) – $29.4 Billion
The Initial Public Offering of Saudi Arabian Oil Company, known as Saudi Aramco, stands as the undisputed largest IPO in global financial history. The state-owned oil giant offered a 1.5% stake on the Saudi Stock Exchange (Tadawul) in December 2019, raising a colossal $25.6 billion. The offering was later increased through a “greenshoe” option, which allowed underwriters to sell additional shares due to overwhelming demand, bringing the total amount raised to a staggering $29.4 billion. This figure shattered the previous record held by the Chinese e-commerce giant Alibaba. The IPO was a cornerstone of Saudi Arabia’s Vision 2030, an ambitious strategic framework to reduce the kingdom’s economic dependence on oil. The valuation of Aramco was a subject of intense international debate, with Crown Prince Mohammed bin Salman initially targeting a $2 trillion valuation. While the company ultimately achieved a $1.7 trillion valuation at listing, it still became the world’s most valuable publicly traded company, a title it holds to this day. The offering was exclusively listed on the Tadawul, with significant domestic and regional investor participation, marking a pivotal moment for the Saudi economy and global energy markets.
Alibaba Group (2014) – $25 Billion
Before Saudi Aramco’s record-setting debut, the IPO of Alibaba Group Holding Limited held the title for the world’s largest public offering. The Chinese e-commerce behemoth launched its initial public offering on the New York Stock Exchange (NYSE) in September 2014 under the ticker symbol “BABA.” The company raised an unprecedented $21.8 billion by selling 320.1 million American Depositary Shares (ADSs) at $68 per share. The offering included a greenshoe option, which was fully exercised, bringing the final total to an enormous $25 billion. The IPO was a landmark event that introduced global investors to the immense scale and growth potential of China’s internet economy. Founded by Jack Ma, Alibaba operates a diverse ecosystem of businesses, including online retail (Taobao, Tmall), electronic payments (Alipay), and cloud computing. The listing was met with frenzied investor demand, with the stock price soaring 38% on its first trading day. This IPO not only created immense wealth but also solidified the global financial market’s appetite for high-growth Chinese tech firms, setting the stage for a wave of subsequent listings.
SoftBank Corp. (2018) – $23.5 Billion
In December 2018, Japanese telecommunications and investment conglomerate SoftBank Group Corp. listed its domestic telecom unit, SoftBank Corp., on the Tokyo Stock Exchange. The IPO was a monumental offering, raising ¥2.65 trillion, which translated to approximately $23.5 billion at the time. This made it the second-largest IPO ever at that point, only behind Alibaba. The offering involved the sale of approximately 1.6 billion shares, representing about one-third of the mobile carrier’s total shares. The IPO was a strategic move by SoftBank’s visionary founder and CEO, Masayoshi Son, to raise significant capital to fund the ambitious Vision Fund, his massive technology investment vehicle focused on disruptive startups worldwide. Despite launching amidst global market volatility and concerns over Japan’s competitive mobile carrier landscape, the offering was successfully priced at ¥1,500 per share. The listing provided a liquidity event for the parent company and attracted a mix of domestic and international investors, though the stock traded flat on its debut, reflecting a carefully calibrated pricing strategy.
NTT Mobile Communication Network (1998) – $18.1 Billion
Now known as NTT DoCoMo, the mobile communication arm of Japan’s Nippon Telegraph and Telephone Corporation executed a historic public offering in October 1998. The IPO raised an astounding ¥2.1 trillion, equivalent to approximately $18.1 billion, making it the world’s largest IPO for over a decade until it was dethroned by the Agricultural Bank of China in 2010. The offering was a watershed moment for Japan’s technology sector and the global telecommunications industry. At the time, NTT DoCoMo was a pioneer in mobile internet technology, having launched its revolutionary i-mode service, which offered email and internet access to mobile phones long before smartphones became ubiquitous. The IPO involved the sale of shares on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, and JASDAQ exchanges, attracting massive demand from retail and institutional investors alike. The success of this offering highlighted the immense value and future growth potential investors saw in mobile telecommunications, setting a high bar for future tech listings and solidifying Japan’s position at the forefront of mobile innovation.
Visa Inc. (2008) – $17.9 Billion
Amid the unfolding global financial crisis in March 2008, payment processing giant Visa Inc. launched its initial public offering. Defying the turbulent market conditions, Visa’s IPO was a resounding success, raising a massive $17.9 billion. The company offered 406 million Class A common stock shares at $44 per share, which was above the initially expected price range of $37 to $42, signaling strong investor confidence. The stock surged an remarkable 28% on its first day of trading on the New York Stock Exchange under the ticker symbol “V.” The IPO was structured as a restructuring of the company from a private membership association of banks into a publicly traded corporation. A significant portion of the proceeds, over $10 billion, was placed into an escrow account to fund litigation reserves, aimed at resolving numerous antitrust lawsuits the company was facing. The successful debut demonstrated the market’s belief in the long-term resilience and growth of electronic payments over cash, a trend that has only accelerated since. Visa’s IPO remains one of the largest and most successful in U.S. financial history.
AIA Group (2010) – $17.8 Billion
The IPO of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group, was a monumental event in October 2010. The offering raised $17.8 billion on the Hong Kong Stock Exchange, making it the third-largest IPO at the time. AIA’s history is deeply intertwined with American International Group (AIG), from which it was spun off. Following the 2008 financial crisis, AIG was forced to sell assets to repay a massive U.S. government bailout. The planned sale of AIA to the UK’s Prudential PLC collapsed, leading AIG to pursue a public listing instead. The IPO was an enormous success, pricing at HK$19.68 per share, which was at the top of its marketed range due to overwhelming demand from institutional investors. The offering attracted several cornerstone investors who committed to large, locked-up allocations. This listing was crucial for AIG’s restructuring and debt repayment efforts and re-established AIA as a powerful standalone entity. It showcased the immense investor appetite for high-quality assets with exposure to the fast-growing insurance and wealth management markets in Asia.
Enel SpA (1999) – $16.6 Billion
Italian multinational manufacturer and distributor of electricity and gas, Enel SpA, conducted a massive privatization initial public offering in November 1999. The offering raised €16.4 billion, equivalent to approximately $16.6 billion at the time, setting a record in European market history. The Italian government sold off a 31.7% stake in the state-owned utility as part of a broader wave of European privatizations aimed at reducing public debt and increasing market efficiency. The IPO was structured as a dual listing on the Borsa Italiana (Milan Stock Exchange) and the New York Stock Exchange, targeting a wide base of international institutional investors. The share price was set at €4.28, and the offering was multiple times oversubscribed, reflecting strong global interest in European utility assets undergoing deregulation. The success of the Enel IPO paved the way for further privatizations in Italy and across the continent, marking a significant shift towards private ownership of essential infrastructure and demonstrating the depth of capital markets for large-scale utility companies.
Facebook (2012) – $16 Billion
The highly anticipated initial public offering of Facebook, Inc. in May 2012 was a cultural and financial milestone, raising $16 billion and valuing the social media titan at $104 billion. It was the largest technology IPO in U.S. history and the third-largest in America overall at the time. The company offered 421.2 million shares at $38 per share on the NASDAQ exchange under the ticker “FB.” The IPO was marred by significant technical glitches on the NASDAQ exchange that delayed trading and caused widespread confusion among investors. Furthermore, the stock famously struggled in the immediate aftermath, falling sharply from its IPO price as investors questioned the company’s ability to monetize its growing mobile user base. Despite the rocky start, the IPO was a landmark event that symbolized the rise of social media and the new digital economy. It provided early investors and employees with a monumental liquidity event and provided the company with the capital to aggressively pursue its long-term strategy of acquisitions, such as Instagram and WhatsApp, and investments in new technologies, ultimately leading to its recovery and dominant market position today.
General Motors (2010) – $15.8 Billion
The November 2010 initial public offering of General Motors Company was one of the most remarkable corporate comebacks in history. Following its 2009 bankruptcy and a $49.5 billion taxpayer-funded bailout, the “new GM” returned to public markets with a massive offering that raised $15.8 billion, regaining its place as a publicly traded company. The U.S. Treasury, which owned a 61% stake in the automaker following the restructuring, sold 412 million shares as part of the offering, beginning the process of reprivatizing the company and repaying government funds. The IPO priced at $33 per share, above the expected range, and the stock rose 3.6% on its first day of trading on the NYSE. The offering was increased from 365 million shares due to powerful investor demand, which included a $4 billion raise from preferred shares. This IPO was a symbol of American resilience and a key step in GM’s financial rehabilitation. It demonstrated restored confidence in the iconic automaker and the broader U.S. automotive industry’s recovery from the financial crisis.
Deutsche Telekom (1996) – $13.0 Billion
In November 1996, Germany’s former state monopoly telecommunications provider, Deutsche Telekom, launched a groundbreaking initial public offering. The IPO raised DM 20.0 billion, which was approximately $13.0 billion, making it the largest in European history at the time and a flagship moment for Germany’s post-reunification economic modernization. The offering was a central part of the German government’s privatization agenda, selling a 26% stake to the public. The marketing campaign, “T-Share,” was incredibly successful in attracting a massive number of German retail investors, creating a new shareholder culture in the country. The shares were listed on stock exchanges in Frankfurt, London, Tokyo, and New York (via ADRs). The IPO was met with enormous demand, with the offering being oversubscribed multiple times. The success of the Deutsche Telekom privatization set a precedent for other European telecom privatizations and demonstrated the global capital markets’ appetite for large-scale infrastructure assets in the rapidly evolving and deregulating telecommunications sector. It remains a landmark transaction in European financial history.
