11 Biggest IPOs of All-Time: The Largest Initial Public Offerings Ever

Initial Public Offerings have been quiet recently. In fact, if anybody was keeping score in 2021, it was the year in which more IPOs were canceled than in any other year in history.

The result is that soon there is going to be a spike in IPOs. There just has to be. Everyone in the startup world is looking to IPOs for their big payday. In fact, when Stripe IPOs, it’s believed that it could go for as much as $1 trillion.

Until then, however, DealRoom, a software company that provides a tool for managing deals that can help a company prepare for going public, provides some insight into the current 11 biggest IPOs of all time.

_{Why not check out: 11 Most Anticipated Upcoming IPOS in 2023}

1. Saudi Aramco

Date: December 5th, 2019.

IPO Capital raise: $25.6 billion.

Current valuation (2023): $1.93 trillion.

The largest IPO of all time unsurprisingly belongs to Saudi Arabian oil company Saudi Aramco. Rumors have circulated that the Saudi royal family called in favors from several of their friends in high places to make sure that their IPO was the biggest IPO of all time and put Saudi Arabia on the map. However, in spite of all of that, their stocks have done very well since their IPO and have shown an increase in value of almost 10% per year.

2. Alibaba Group

Date: September 19, 2014.

IPO Capital raise: $21.7 billion raise; $167.6 billion valuation.

Current valuation (2023):  $272.9 billion.

Alibaba Group can certainly lay claim to the most hyped IPO of all time, with one of the underwriters of the IPO saying that he “had never seen anything like the frenzy” over the stock’s first day of trading. This may have contributed to the fact that the company’s stock was closing out the first day of trading a full 38% above the IPO price. However, the stock has never lived up to the hype that it was supposed to, possibly as a result of the political problems that the company has run into in China.

3. SoftBank Corp

Date: December 18, 2018.

IPO Capital raise: $21.3 billion, $63 billion valuation.

Current valuation (2023): $66.7 billion.

The listing of SoftBank was the largest IPO ever out of Japan, which is saying something, given the number of technology corporations that have come out of that country. The stock price of the company did bounce back from the dramatic fall on the first day of trading, but it has also fallen as a result of the scandals that have come out of the WeWork investment that the company was so proud of, as well as the general decline of technology stocks that has come out of the Coronavirus pandemic.

4. NTT Mobile

Date: September 25, 1998.

IPO Capital raise: $18.1 billion.

Current valuation (2023): $97 billion.

Before SoftBank, there was NTT Mobile. On their IPO, which took place in 1998, it was the largest IPO Japan had ever seen. Goldman Sachs has a stirring article about the same on their website, which made Japan’s third-largest company by market capitalization at the time of the IPO. It was a huge milestone for the investment bank, as Japanese companies traditionally use Japanese investment banks for their IPOs.

5. Visa

Date: March 19, 2008.

IPO Capital raise: $17.86 billion.

Current valuation (2023): $464 billion.

Visa’s IPO, which took place in 2008, is the largest of any American company, but that’s not the only reason why this IPO is so special. This IPO took place at a time when the credit crunch was shifting into high gear, asking investors to buy stocks of a company that provided credit, which they did, ending the first day of trade at $44, 28% above the IPO, while other stocks were being hammered on the stock markets. The irony of the situation was not lost on anyone, as the company that dominated the world’s credit ended up winning the largest credit crunch the world had seen.

6. AIA

Date: October 21, 2010.

IPO Capital raise: $17.78 billion. Valuation of $30.5 billion

Current valuation (2023): $127 billion.

AIA is the lesser-known Asian insurance company of the giant American insurance company, AIG. This did not, however, stop it from achieving the largest IPO of any company on the Hong Kong stock exchange, which took place in 2010. The stocks ended the first day of trade 10% higher, which reflected the fact that the IPO had been 60% over-subscribed at the time of the IPO itself. The stock has been one of the best-performing stocks on the Hong Kong Stock Market, returning above-average yearly gains until the 35% dip caused by the Coronavirus outbreak.

7. ENEL SpA

Date: November 2, 1999.

IPO Capital raise: $16.45 billion. Valuation of $55 billion.

Current valuation (2023): $59 billion.

Another record-breaker for this list. ENEL SpA’s IPO in 1999 was the largest IPO until then and still remains the largest Italian company listing until 2023. But perhaps because of the dot-com stocks that promised better returns over a longer period of time and were going public around that time, this IPO failed to create the kind of excitement it promised. Yet again, almost a quarter of a century after it went public, it still remains at a similar market capitalization.

8. General Motors

Date: November 16, 2010.

IPO Capital raise: $16.45 billion.

Current valuation (2023): $60.1 billion.

Today, whenever anyone talks about the term ‘too big to fail,’ they always remember how the investment banks on Wall Street were given a bailout by the government for tens of billions of dollars. But few remember that GM too received a bailout of sorts, and it paid off handsomely for the taxpayer of the USA with a bumper listing a couple of years after that, with huge demand for stocks. Yet again, almost a couple of decades after it received a bailout, it still remains a thriving company.

9. Facebook

Date: May 18, 2012.

IPO Capital raise: $16.01 billion. Valuation of $96 billion.

Current valuation (2023): $447 billion.

‘How does anybody value a company like Facebook?’ This was essentially the question on every investor’s mind in 2012 when the highly anticipated IPO finally took place (try to remember a company that has had an IPO after a Hollywood film has been made about it!). While it seemed like they were going to conquer the world, they even floated a cryptocurrency at one stage. While their stock price has certainly risen well above its 2012 IPO levels, things are certainly not so rosy at 1 Hacker Way.

10. ICBC Bank

Date: October 27, 2006.

IPO Capital raise: $15.77 billion. Valuation of $180 billion.

Current valuation (2023): $214 billion.

It’s somewhat surprising that a financial giant such as ICBC Bank only comes in at number 10 on a list of the largest ever IPOs. Not so surprising, though, that it’s a financial giant from China. At the height of the GFC, the three largest banks in the world by market capitalization were Chinese. The Industrial and Commercial Bank of China was the largest. While it has certainly underperformed since its IPO, it has been because it has over-exposed itself in markets that haven’t done so well.

11. Deutsche Telekom

Date: November 18, 1996.

IPO Capital raise: $13.96 billion. Valuation of $49.7 billion.

Current valuation (2023): $111 billion.

If the almost $14 billion raised in the IPO in 1996 is still a considerable amount in 2023, then one can only imagine how much it was in 1996. Not only was it a time before the internet had really got into full stride, but also before cell phones had become ubiquitous in society. It was a one-way bet on both of these phenomena about to take over the world. The IPO was for slightly under $50 million and had been steadily rising in the years since.

Frequently Asked Questions

What is an IPO?

An Initial Public Offering (IPO) is when a company issues shares for sale for the first time in a stock exchange. It’s usually done in order to raise capital.

What is the biggest IPO of all time?

The biggest IPO in history was when Saudi Aramco was floated in 2019 for a whopping $25.6 billion and is valued at a staggering $1.93 trillion as of 2023.

What are the top ten biggest IPOs ever?

The largest IPOs in history, according to DealRoom:

• Saudi Aramco (2019) - $25.6 billion
• Alibaba (2014) - $21.7 billion
• SoftBank (2018) - $21.3 billion
• NTT Mobile (1998) - $18.1 billion
• Visa (2008) - $17.86 billion
• AIA Group (2010) - $17.78 billion
• ENEL (1999) - $16.45 billion
• General Motors (2010) - $16.45 billion
• Facebook (2012) - $16.01 billion
• ICBC (2006) - $15.77 billion

Why was Saudi Aramco’s IPO so significant?

Saudi Aramco’s IPO was a historic moment in global financial circles. The IPO was part of Saudi Arabia’s Vision 2030 initiative to transform the Saudi Arabian economy from an oil-based economy to a diversified one.

What was the biggest IPO for an American company?

Visa’s 2008 IPO was the biggest in U.S. history, raising $17.86 billion for the company. The IPO was historic in more ways than one, as it was launched during the financial crisis, and the stock went up by 30 percent on the first day of trading.

How has Alibaba’s IPO changed the market?

Alibaba’s 2014 IPO on the New York Stock Exchange was historic, raising $21.7 billion for the company, which was the biggest IPO in history at the time. The IPO was also historic in the sense that it showed the world’s interest in Chinese technology companies and their rapid expansion in China’s online economy.

Which of the IPOs have performed the best since their IPO?

Companies like Visa, AIA Group, and Facebook have performed extremely well since their IPO. The company that has performed the best since its IPO has been Visa, from its IPO of $17.86 billion to its current valuation of over $450 billion in 2023.

Why do some IPOs perform poorly after going public?

There are many reasons that may contribute to poor performance after an IPO. These may include situations where the valuation of the shares has been higher than the actual value of the shares, as well as situations where the market has been volatile. The Alibaba Group, as well as SoftBank, faced many challenges that affected the performance of the companies after going public.

What factors determine the success of an IPO?

The factors that determine the success of an IPO can be summarized as follows:

• Consistent revenue growth
• High investor confidence
• Presence of market demand
• Good leadership as well as reporting
• Pricing that is in line with the actual value of the shares

What are the most anticipated upcoming IPOs?

There are many companies that are planning to go public in the near future. Some of the companies that are planning to go public in the near future include Stripe, Databricks, as well as Reddit. Stripe, in particular, is likely to be the biggest IPO in the history of the stock market, as it has the potential to reach the trillion-dollar mark.