The largest Initial Public Offerings (IPOs) in history are remarkable not only for the enormous sums they raised but also for what they reveal about investor confidence, economic trends, and the industries that captured global attention at a particular moment.
The geography of mega-IPOs has changed significantly over the past two decades. In the late 20th century, the United States led the world’s biggest public offerings. But in the 21st century, Asia and the Middle East have produced many record-breaking IPOs, reflecting the growing economic strength of emerging markets and government-backed companies.
One of the most fascinating aspects of large IPOs is their long-term impact. While some record-breaking offerings went on to create hundreds of billions of dollars in shareholder value, others struggled to justify their lofty valuations after going public. History shows that raising the most money does not always guarantee long-term success.
Below are the largest IPOs in history, featuring companies that raised record amounts of capital and set new milestones in public markets. These historic offerings show how capital markets can fuel business growth, create wealth, and transform entire industries.
Did you know?Between 2000 and 2020, the average first-day return for US IPOs was 21.1%. Technology IPOs have historically produced much larger first-day gains than non-tech IPOs, averaging 31.2% versus 11.1%. [1][2]
Table of Contents
13. Rivian Automotive
IPO Date: November 10, 2021Exchange: Nasdaq, United States
Amount Raised: $13.7 billion at $76.4 billion valuation
First-Day Performance: +29.1%
Rivian Automotive’s IPO occurred during a period of intense investor enthusiasm for electric vehicles. Tesla’s extraordinary success had convinced many investors that the automotive industry was entering a historic transformation.
Rivian spent more than a decade developing its technology before entering public markets. They focused on electric pickup trucks, SUVs, and commercial delivery vehicles. In fact, they secured a major commercial partnership with Amazon, which ordered 100,000 electric delivery vans. [3]
Rivian raised about $11.9 billion in its IPO, or roughly $13.7 billion after the greenshoe option was exercised. The stock jumped 29.1% on its first day, lifting its market value above $100 billion.
It later peaked at more than $150 billion, briefly surpassing Ford and General Motors in market value despite producing only a few hundred vehicles.
However, from a long-term shareholder perspective, Rivian has been one of the biggest disappointments among major IPOs. The stock has fallen more than 90% from its all-time high.
12. Facebook (now Meta)
Exchange: Nasdaq, United States
Amount Raised: $16 billion at $104 billion valuation
First-Day Performance: +0.61%
At the time of its IPO, Facebook was the world’s largest social network with approximately 900 million users worldwide.
Investors viewed Facebook not merely as a social media company but as a platform that was fundamentally changing how people communicated, shared information, and consumed digital content.
The company priced its shares at $38 each and sold nearly 421 million shares. The transaction raised about $16 billion and gave Facebook a valuation of roughly $104 billion, making it the largest technology IPO in American history. [4]
When trading finally began, Facebook shares opened at $42.05, nearly 11% above the IPO price. However, selling pressure increased throughout the day, and the stock closed at just $38.23, a gain of only 0.61%.
For a company surrounded by enormous hype, the debut was widely viewed as disappointing, as many analysts expected gains of 20% to 30% on the first day.
11. Enel SpA
IPO Date: November 1, 1999Exchange: Borsa Italiana (Milan Stock Exchange), Italy
Amount Raised: $16.5 billion at $52 billion valuation
First-Day Performance: +2.3%
Founded in 1962 after Italy nationalized much of its electricity industry, Enel spent nearly four decades operating as a state-owned monopoly.
By the late 1990s, European governments were increasingly liberalizing energy markets and privatizing major utilities. Italy decided to partially privatize Enel as part of a broader effort to modernize its economy and reduce public debt.
As of 1999, Enel supplied power to more than 30 million customers and controlled nearly 55 gigawatts of generating capacity. Its operations spanned electricity generation, transmission, and distribution throughout Italy.
Because electricity demand remains relatively stable even during economic downturns, investors saw Enel as a safe investment with steady cash flows and strong dividend potential.
More than four million Italians participated in the IPO, making it one of Europe’s largest retail share offerings. The IPO also attracted strong demand from institutional investors across Europe, North America, and Asia, making it one of the most oversubscribed utility IPOs in history.
After the listing, the Italian government still owned about 68% of the company.
10. NTT DoCoMo
IPO Date: October 22, 1998Exchange: Tokyo Stock Exchange, Japan
Amount Raised: $18.4 billion at $85 billion valuation
First-Day Performance: +19.2%
Founded in 1992 as the mobile communications subsidiary of Nippon Telegraph and Telephone (NTT), DoCoMo rapidly became Japan’s dominant wireless carrier.
By the time of its IPO, the company controlled nearly 57% of Japan’s 36.5 million wireless subscribers. In fact, DoCoMo served over 20 million subscribers directly and held roughly 68% market share in the Tokyo metropolitan area, one of the world’s most valuable telecommunications markets.
The IPO arrived at an interesting moment in financial and technological history. Japan was struggling through a prolonged economic slowdown following the collapse of its asset bubble, while Asia was still recovering from the 1997 Asian Financial Crisis.
Meanwhile, cellular adoption was accelerating rapidly throughout Japan. Investors viewed DoCoMo as a unique opportunity to participate in the explosive growth of mobile communications.
As a result, the stock delivered a spectacular first-day performance, closing about 19% higher. Trading volume reached roughly ¥360 billion, accounting for nearly 40% of all trading on the Tokyo Stock Exchange’s First Section. [5]
This strong debut instantly transformed DoCoMo into Japan’s third-largest listed company by market capitalization.
9. Visa
Exchange: NYSE, United States
Amount Raised: $19.7 billion at $44 billion valuation
First-Day Performance: +28.4%
The Visa IPO is considered one of the most successful public offerings ever because it occurred during one of the worst financial environments in modern history.
In March 2008, global financial markets were in turmoil. Big banks were reporting massive losses, mortgage-backed securities were collapsing, and investors were fleeing financial stocks. Just three days before Visa’s IPO, investment bank Bear Stearns was rescued in an emergency deal that shook confidence across Wall Street.
Despite these difficult market conditions, Visa shares surged more than 28% on their first day of trading. [6]
When trading began, investor enthusiasm exceeded expectations. Shares opened at $59.50, roughly 35% above the IPO price, before closing at $56.50.
What made investors comfortable buying Visa during a financial crisis was its unique business model. Unlike banks, Visa did not take deposits, lend money, or issue credit. Instead, it operated a global payments network that earned fees whenever consumers used Visa-branded cards.
8. AIA Group
IPO Date: October 29, 2010Exchange: Hong Kong Stock Exchange
Amount Raised: $20.5 billion at $30.6 billion valuation
First-Day Performance: +9.2%
AIA was originally part of American International Group (AIG), the insurance giant that received approximately $182 billion in US government support during the 2008 financial crisis. Following a failed attempt to sell AIA to Prudential plc for $35.5 billion, AIG decided to pursue a public listing instead. [7]
At that time, AIA operated across 15 markets in Asia-Pacific, serving more than 20 million policyholders and maintaining one of the region’s largest agency networks.
The IPO initially raised $17.8 billion. After underwriters exercised the overallotment (greenshoe) option, total proceeds increased to about $20.5 billion. The listing valued AIA at more than $33 billion, making it the world’s third-largest IPO at the time and the largest insurance IPO in history.
This IPO also strengthened Hong Kong’s reputation as a leading destination for mega-listings. During the late 2000s and early 2010s, Hong Kong hosted several of the world’s largest public offerings, including those of major Chinese banks and insurers.
7. Industrial and Commercial Bank of China (ICBC)
Head office in Beijing
Exchange: Shanghai and Hong Kong Stock Exchange, China
Amount Raised: $21.9 billion at $140 billion valuation
First-Day Performance: +5.13% (Shanghai), +14.66% (Hong Kong)
By the time of IPO, ICBC had grown into China’s largest commercial bank and one of the world’s largest financial institutions. The bank possessed over $800 billion in assets, employed roughly 360,000 people, and operated a network of 18,000+ branches across China.
The IPO attracted more than $500 billion in investor demand, making it one of the most popular offerings ever. In Hong Kong, retail investors submitted over HK$423 billion in orders, oversubscribing the retail tranche by about 78 times.
The offering initially raised nearly $19.1 billion, but after underwriters exercised the greenshoe option, total proceeds reached $21.9 billion. It was the first simultaneous dual listing of a major Chinese company in both Shanghai and Hong Kong, creating a template that several Chinese firms would later follow.
6. Agricultural Bank of China (ABC)
IPO Date: July 15 (Shanghai), July 16 (Hong Kong) 2010Exchange: Shanghai and Hong Kong Stock Exchange, China
Amount Raised: $22.1 billion at $128 billion valuation
First-Day Performance: +0.75% (Shanghai), +2.2% (Hong Kong)
Founded in 1951, ABC was China’s primary rural lender and one of the country’s largest financial institutions. By the time of its IPO, the bank had more than 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches, making it the largest Chinese bank by customer count.
During the early 2000s, China’s major state-owned banks underwent extensive recapitalization and restructuring efforts to decrease non-performing loans and increase profitability. Agricultural Bank was the last of the “Big Four” banks to complete this process and enter public markets.
The IPO was structured as a dual listing in Shanghai and Hong Kong. The bank initially raised $19.2 billion, with the total increasing to $22.1 billion after underwriters exercised the greenshoe option. About $12 billion came from the Hong Kong listing, while $10.1 billion was raised in Shanghai.
On the first trading day, investors remained cautious because of concerns regarding the bank’s large exposure to rural lending and the broader volatility affecting Chinese equity markets at the time. [8]
Nevertheless, the successful completion of this IPO demonstrated substantial confidence in China’s banking system and long-term economic growth prospects.
5. General Motors
Exchange: NYSE and Toronto Stock Exchange
Amount Raised: $23.1 billion at $50 billion valuation
First-Day Performance: +3.6%
The General Motors IPO was not like any other IPO in modern financial history. Instead of funding a fast-growing startup, investors were buying shares in a company that had recently undergone one of the largest corporate restructurings ever.
In June 2009, GM filed for Chapter 11 bankruptcy during the global financial crisis, becoming one of the highest-profile corporate failures in American history.
After a government-backed restructuring, GM emerged with lower debt, fewer brands, and a much leaner cost structure. Its 2010 IPO represented the company’s comeback and a major test of investor confidence in the US auto industry.
GM raised $18.15 billion by selling about 548 million common shares, plus $4.35 billion from preferred shares. Underwriters later exercised their overallotment option, adding another $3 billion. The IPO became one of Wall Street’s most closely watched offerings since the financial crisis. [9]
The listing valued General Motors at roughly $50 billion and helped restore public confidence in one of America’s most iconic automakers. That year, the company sold around 8.4 million vehicles globally, making it one of the world’s largest car manufacturers.
4. SoftBank Corp
Exchange: Tokyo Stock Exchange, Japan
Amount Raised: $23.5 billion at $64 billion valuation
First-Day Performance: -14.5%
Do not confuse “SoftBank Corp” with “SoftBank Group Corp”. SoftBank Corp is a telecommunications company, while SoftBank Group Corp is the global tech investment holding company and its parent.
SoftBank Corp raised ¥2.65 trillion ($23.5 billion), making it Japan’s largest IPO and surpassing the previous record set by NTT DoCoMo in 1998.
However, unlike most mega-IPOs, the stock suffered a disappointing debut, falling 14.5% on its first day of trading due to concerns about market conditions and a major network outage that occurred two weeks before the listing.
The business operated one of Japan’s largest wireless networks and generated stable cash flows from mobile subscriptions, broadband services, and enterprise communications. At the time of listing, SoftBank Corp. served over 34 million mobile subscribers across Japan.
Although the debut disappointed investors, the IPO remained strategically important for SoftBank Group. The proceeds helped fund investments in tech, AI, telecommunications infrastructure, and the Vision Fund ecosystem.
3. Alibaba Group
IPO Date: September 19, 2014Exchange: New York Stock Exchange, United States
Amount Raised: $25 billion at $168 billion valuation
First-Day Performance: +38.1%
When Alibaba went public, it was much more than an e-commerce company. By then, it had become the biggest player in China’s online retail market through platforms such as Taobao and Tmall.
Alibaba facilitated more online sales than Amazon and eBay combined, serving hundreds of millions of Chinese consumers and millions of merchants. It processed approximately $296 billion in annual transactions and served 279 million active buyers around the time of the IPO. [10]
Investors saw Alibaba as a direct way to participate in China’s rapidly expanding middle class and digital economy.
At the IPO price of $68 per share, Alibaba was valued at $168 billion. The stock surged on its first trading day, opening at $92.70 and closing at $93.89, a gain of more than 38%. This pushed the company’s market value to about $231 billion, making it larger than Amazon, eBay, and many traditional retail companies at the time.
What set Alibaba apart from most Western e-commerce companies was its highly profitable marketplace model. Unlike Amazon, it didn’t own inventory or warehouses. Instead, it connected buyers and sellers through platforms like Taobao and Tmall, while earning revenue from advertising, commissions, merchant services, and digital payments.
2. Saudi Aramco
Exchange: Tadawul, Saudi Arabia
Amount Raised: $25.6 billion at $1.7 trillion valuation
First-Day Performance: +10%
Saudi Aramco is not just another oil producer; it controls some of the world’s largest oil reserves and has long been the economic backbone of Saudi Arabia.
When plans for the IPO were first announced in 2016, the Saudi government envisioned a $2 trillion valuation and hoped to raise up to $100 billion through a global listing. However, after years of delays and negotiations, the company ultimately listed only 1.5% of its shares on the domestic Tadawul exchange.
Even with the smaller offering size, the IPO shattered global records. Saudi Aramco sold nearly 3 billion shares at 32 Saudi riyals each, raising $25.6 billion. [11]
Investor demand was exceptionally strong, generating subscriptions worth $119 billion. The offering was oversubscribed by 456%, making it one of the most heavily subscribed mega-IPOs ever completed.
When trading began, Aramco shares immediately hit the Tadawul exchange’s daily 10% trading limit, closing at 35.20 riyals. The surge boosted Aramco’s market value to $1.88 trillion on the first day. [12]
However, what made the IPO particularly remarkable was the scale of the underlying business.
At the time of listing, Saudi Aramco was generating annual profits of more than $88 billion (greater than the combined profits of many major oil companies). It was producing roughly 10 million barrels of crude oil per day and controlled proven reserves exceeding 260 billion barrels.
Only a few companies in history have entered public markets with such dominant profitability and resource ownership.
1. SpaceX
Exchange: Nasdaq, United States
Amount Raised: $85.7 billion at $1.77 trillion valuation
First-Day Performance: +19.2%
The SpaceX IPO was one of the most anticipated events in financial market history. Founded in 2002, the company remained a private enterprise for nearly 24 years before finally entering public markets.
By the time of the IPO, SpaceX had transformed from a startup attempting to launch small rockets into a diversified aerospace, satellite-internet, and AI giant valued at $1.77 trillion. The company raised $75 billion, which ultimately increased to $85.7 billion after the greenshoe option was exercised. [13]
Investors’ enthusiasm was extraordinary. The demand for shares exceeded $250 billion, making the offering several times oversubscribed. Retail investors alone submitted orders worth over $100 billion before trading began.
To capitalize on this unprecedented interest, SpaceX allocated roughly one-fifth of the offering to individual investors, an unusually large percentage for a mega-IPO.
The valuation was equally remarkable. At $1.77 trillion, SpaceX immediately became one of the world’s most valuable corporations. Its valuation alone nearly matched the combined inflation-adjusted value of the 29 largest US IPOs since 2000. [14]
The IPO also altered global wealth rankings. Following the successful listing, Elon Musk became the world’s first trillionaire, with his SpaceX stake alone worth roughly $866 billion.
Read More
Sources Cited and Additional References- How Common Are Negative First-Day IPO Returns? Columbia Law School
- Trends in IPO Pops, Nasdaq
- Amazon is purchasing 100,000 Rivian electric vans, CNBC
- The big winner in Facebook’s IPO, Forbes
- NTT DoCoMo launches the largest IPO in Japanese history, RCR Wireless News
- Visa’s record IPO jump 28%, MarketWatch
- Prudential’s AIA takeover ‘shambles’ costs £450m, The Guardian
- The failure of China’s Agricultural Bank IPO could break the market, Business Insider
- GM raises IPO price and offers more shares, Reuters
- Alibaba pumps IPO enthusiasm with huge profit jump, Forbes
- Saudi Aramco upsizes its record-shattering IPO by $3.8 billion, Business Insider
- Saudi Aramco surges 10% in trading debut, LiveMint
- SpaceX IPO raises total of $85.7 billion, CNBC
- SpaceX’s valuation nearly equals every top US IPO since 2000, Axios
