FACTBOX - From Aramco to Alibaba: Biggest IPOs in history before SpaceX’s planned market debut

SpaceX’s planned initial public offering is set to break records, as the Elon Musk-led conglomerate that also owns Starlink seeks a listing that could surpass every previous IPO by a wide margin.

SpaceX is pursuing a valuation of about $1.75 trillion and aims to raise $75 billion, a deal size that would easily exceed Saudi Aramco’s $29.4 billion record IPO in 2019.

The listing price is to be finalized late Thursday, and the stock expected to start trading publicly on Friday.

Following are some of the biggest IPOs in history, spread across oil, financial, technology and telecom sectors:

Saudi Aramco, $29.4 billion

Saudi Aramco remains the largest IPO in history after the state oil giant raised a record $29.4 billion, including by exercising its "greenshoe option" in January 2020 to sell additional shares.

The company’s listing on Riyadh’s Tadawul exchange was a centerpiece of Crown Prince Mohammed bin Salman's Vision 2030 economic diversification agenda. Only about 1.5% of total shares, however, were offered to the market.

Alibaba Group, $25 billion

Before Aramco, Alibaba’s New York Stock Exchange listing became the largest IPO in the world in 2014, raising $25 billion.

The Chinese e-commerce group’s debut was a landmark for global technology listings and gave international investors exposure to China’s rapidly expanding consumer internet market.

The IPO's success helped establish New York as a preferred venue for major Chinese technology firms before US-China regulatory tensions complicated such listings.

SoftBank Corp., $23.5 billion

SoftBank Corp., the Japanese telecom unit of SoftBank Group, raised about $23.5 billion in 2018, making it Japan’s largest IPO and one of the biggest globally. The deal was closely watched because parent company SoftBank Group was shifting its identity from a domestic telecom operator toward a global technology investment powerhouse through its Vision Fund.

Despite the large proceeds, the debut was weak, with shares falling sharply on their first trading day. The listing served as a reminder that IPO size does not guarantee immediate market performance, particularly when investors are concerned about regulation, dividends, competition and corporate strategy.

Agricultural Bank of China, $22.1 billion

The Agricultural Bank of China raised $22.1 billion in 2010, briefly setting a global IPO record.

The IPO reflected the scale of China’s banking system and the country’s growing weight in global capital markets.

The financial corporation, historically tied to rural finance, became one of the country’s largest commercial banks by the time of its market debut.

Industrial and Commercial Bank of China, $21.9 billion

The Industrial and Commercial Bank of China, or ICBC, raised $21.9 billion in 2006, then the world’s largest IPO, after exercising an overallotment option. The listing was carried out in Hong Kong and Shanghai and was seen as a milestone in China’s banking reform and global financial integration.

The ICBC’s IPO came in a period when Chinese banks were attracting major global investors, supported by rapid economic growth, rising trade flows and Beijing’s efforts to modernize state-owned financial institutions.

AIA Group, $20.5 billion

AIA Group, the Asian life insurance unit formerly owned by American International Group, raised $20.5 billion in its landmark 2010 IPO on the Hong Kong Stock Exchange. The listing helped AIG raise capital after its bailout during the global financial crisis.

The IPO was one of the most important insurance-sector listings ever, giving investors access to Asia’s growing middle class, rising insurance penetration and long-term savings demand.

Visa, $19.7 billion

Visa raised $17.9 billion in its March 2008 IPO and later increased gross proceeds to $19.7 billion after selling additional shares through an over-allotment option. The listing was the largest US IPO on record at the time, and took place during the early phase of the global financial crisis.

The company’s debut was notable because Visa entered public markets as a payments network rather than a lender, making it less exposed to credit losses than banks during the crisis. Its long-term performance later turned the IPO into one of the most successful large-cap listings in US market history.