Alibaba Group’s staggering initial public offering of $25 billion shattered all records and became the largest IPO ever. But how does the Alibaba number compare to other massive IPOs? Here, we've compiled a list of the 10 biggest IPOs of all time. The list may surprise you. Only one U.S.‑based company made the top five (hint: it wasn’t Facebook). Chinese companies comprise three of the top five IPOs.
1) Alibaba Group Holding Limited
Alibaba Group Holding Limited (NYSE: BABA), a diversified online e-commerce company based in China, went public on September 18, 2014, at a whopping $21.8 billion. Four days later, underwriters exercised an option to sell more shares, bringing the total IPO to $25 billion. Although technology companies traditionally list on NASDAQ, Alibaba chose the New York Stock Exchange (NYSE) for its debut and had its IPO underwritten primarily by Credit Suisse.
2) Agricultural Bank of China Ltd.
Agricultural Bank of China Ltd., also know as AgBank, is the second-largest IPO of all time. AgBank went public on July 7, 2010, raising $19.2 billion. Similar to Alibaba, AgBank increased the size of its IPO to $22.1 billion. AgBank is a member of the "Big Four" banks in China.
3) Industrial and Commercial Bank of China
ICBC Bank, or Industrial and Commercial Bank of China (listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange), went public on October 20, 2006, fetching a total of almost $19.1 billion. On January 19, 2007, ICBC exercised an overallotment option that allowed the company to lift its IPO to $21.9 billion, making it the world's third-largest IPO.
4) General Motors Company
General Motors (NYSE: GM) debuted on November 16, 2010, after emerging from a bankruptcy filing one year earlier. This U.S.-based car manufacturer raised $20.1 billion in its initial public offering. It is the largest IPO for any U.S.‑based company. General Motors owns Chevrolet, Buick, GMC, and Cadillac.
5) NTT DOCOMO, Inc.
NTT DOCOMO, a Tokyo‑based telecommunications player, went to the public market on October 22, 1998, raising just under $18.4 billion. NTT was underwritten by Goldman Sachs Asia and was previously listed on the NYSE. On April 13, 2018, NTT officially delisted their American Depository Shares (ADS) from the NYSE.
6) Visa Inc.
7) AIA Group Limited
AIA (OTC: AAIGF), a Hong Kong-based investment and insurance company, was offered to the public on October 21, 2010. It raised over $20.5 billion and became the largest independent, publicly listed pan-Asian life insurance group.
Enel S.p.A.(OTC: ENLAY) went public on November 1, 1999, after it raised almost $17.4 billion. This Italian company competes in the gas and electric market in Europe and the Americas. Enel works in 34 countries and has 72 million end users around the world.
Facebook (NASDAQ: FB) was one of the most hyped IPOs in history. It listed on May 1, 2012, and raised just over $16 billion. This social media technology company's launch was riddled with trading issues and questionable information-sharing accusations. As of June 2018, Facebook has, on average, 1.47 billion daily active users.
10) Deutsche Telekom AG
Deutsche Telekom AG (OTC: DTEGY) is a German telecommunications company that raised a little over $13 billion on November 17, 1996. As of March 2020, Deutsche Telekom AG has 184 million mobile customers, 27.5 million fixed-network lines, and more than 21 million broadband lines. It owns T-mobile and T-Systems.
The Bottom Line
The much-hyped Alibaba IPO was the largest of all time. A look back at the top 10 global IPOs in history shows that Asian companies dominate. Visa, Facebook, and General Motors are the only U.S.‑based companies on the top 10 global IPO list.