A Look Back At The World's Hottest IPOs (Initial Public Offerings)

Highlights

• Enel SpA conducted the largest European IPO in history, raising $54.9 billion, allowing the company to invest in infrastructure and improve service.
• Coupang, the South Korean e-commerce giant, had a successful IPO with a valuation of $60 billion, but its profitability has been questioned in a competitive market.
• Saudi Aramco, the world's largest oil company, set a record with a $1.7 trillion IPO, demonstrating the dominance of Crown Prince Mohammed bin Salman and the company's production volume.

You've probably heard of some of the biggest IPOs ("initial public offerings") in the news even if you don't follow the market, as IPOs are often a hot commodity.

An IPO is a watershed moment in a company’s history, signifying a shift from private to public ownership.

Sone of the highest profile or most transformative initial public offerings (IPOs) have generated massive publicity for corporations, by raising multi-billions in funding during a successful market debut.

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These deals are not merely financial transactions; they represent the culmination of innovation, growth, and investor confidence that propels growth-forward companies onto the global stage.

In this article, we look at the companies whose IPOs generated sincere attention and raised billions of dollars worth of capital to expand and grow.

10 Enel SpA ($ENLAY, 1999)

Initial IPO Valuation: $54.9 Billion

Italian power utility giant Enel conducted the largest European IPO in history when it went public on the Milan stock exchange with a valuation of $15.66 billion in October 1999.

As Italy’s former state monopoly electricity provider, Enel’s partial privatization came as part of market liberalization mandating the breakup of its generation, distribution, and transmission operations.

The capital raised allowed Enel to pay down debt and invest in improving infrastructure and capacity to deliver affordable service as demand climbed.

9 Coupang ($CPNG, 2021)

Initial IPO Valuation: $60 Billion

In March 2021, Coupang, the South Korean e-commerce giant, exploded on public markets by selling 130 million shares, which eventually attracted a stupendous valuation of about $60 billion on the New York Stock Exchange (NYSE).

Billionaire founder Bom Kim's operation has been nicknamed "the Amazon[.com] of South Korea," and it relies on supersonic delivery speeds to corner the market.

On the other hand, Coupang has yet to turn any profit since its relatively recent IPO, and its high assigned IPO valuation has come under scrutiny, amid solid competition in Asia’s e-commerce sector.

8 United Parcel Service/UPS ($UPS)

Initial IPO Valuation: $60.2 Billion (1999)

With a record $5.5 billion stock listing on the New York Stock Exchange (NYSE), UPS has been a leader in the world package delivery industry since it was founded in 1907.

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With e-commerce becoming more popular, UPS saw its IPO as a signal that it had "grown up," reflected in its enterprise value exceeding $60 billion.

7 DiDi Global ($DIDIY, 2021)

Initial IPO Valuation: $61.0 Billion

Chinese ride-hailing giant Didi Global, recorded the largest IPO ever made on the NYSE with a valuation of $61 billion, following its listing in June 2021.

As the second largest U.S. listing ever made by a Chinese company, Didi’s IPO was seen as a response to Uber’s 90 percent control over the rideshare market.

Nonetheless, Beijing’s regulatory crackdowns concerning data security compelled Didi to go public in Hong Kong rather than New York, which further hit the company’s market cap, as China increasingly tightened its control of tech companies.

6 Rivian Automotive ($RIVN, 2021)

Initial IPO Valuation: $66.5 Billion

Recently (in November 2021), Rivian – one of the major producers of electric cars – held the largest IPO that has ever been organized by automakers, at a value of $66.5 billion.

The most notable electic vehicle (EV) rival, backed by principal sponsorship from Ford and Amazon, is Rivian, a leading newcomer hoping to challenge Tesla.

When the IPO launched, Wall Street was increasingly inclined toward frenzied EV entrances, amid an explosion of the market.

However, Rivian has been unable to scale up production and surmount supply chain problems since its hyped up debut, raising doubts about its massive IPO valuation for a newbie company.

5 AT&T Wireless ($T, 2000)

Initial IPO Valuation: $68.2 Billion

In 2000, AT&T Wireless set a record in IPO fundraising of $68.2 billion, the largest IPO ever at the time.

AT&T Wireless was founded in 1994 as a joint venture, PCS wireless carrier between the U.S. telecom leaders SBC Communications and Bell South.

It also offered the third-highest shares issue in an IPO ever.

Wireless mobility and mobile internet growth prospects were on the millennium’s threshold, which was in line with the blockbuster public offering.

4 Uber ($Uber, 2019)

Initial IPO Valuation: $75.5 Billion

In May 2019, Uber crowned itself the reigning champion among gig economy startups, with a $75.5 billion initial public offering on the New York Stock Exchange.

Uber was one of the most anticipated IPOs ever for a venture-backed company when it went public in 2019.

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Since its emergence ten years ago, Uber has epitomized the explosive growth of shared services across the transport industry, labor, rentals, and other services.

This helped Uber battle global peer Lyft and remain in business for years despite scandals and losses.

The valuation of Uber's IPO demonstrates the potential for disruptive mobility platforms to grow sustainably and eventually become profitable.

3 Facebook ($META, 2012)

Initial IPO Valuation: $81.3 Billion

In 2012, Facebook entered Wall Street lore with a record IPO – comprising 421 million shares valued at $38 dollars each, for a staggering $104 billion valuation.

Until 2022, Facebook traded under the ticker $FB ; on May 31st of that year, the platform's ticker became $META.

Facebook's IPO ushered in "the largest valuation to date for a newly public company."

Although the company initially faced trading difficulties, Facebook’s market debut marked most significant technology IPO.

Wunderkind Mark Zuckerberg’s graduation from a dorm room startup to the support of one billion people’s social interaction was evidenced by the sheer impact of the offering.

The undeniable magnitude of Facebook’s financial muscle following its IPO underscored Silicon Valley’s growing influence – and its dictation of productivity, cultural trends, and a new economic regime unfolding into the 21st century.

2 Alibaba Group ($BABA, 2014)

Initial IPO Valuation: $169 Billion

Chinese e-commerce giant Alibaba had one of the largest IPOs in history when it raised $169 billion on the NYSE in September 2014.

It was the largest US IPO ever completed by a Chinese company at the time, and the biggest global IPO in history.

According to Alibaba, it was the best period – when company founder Jack Ma dominated almost 80 percent of the Chinese retail markets.

The blockbuster listing heralded the coming of age for emerging Chinese tech giants fighting for foreign finance and globalization.

Alibaba became part of the NYSE after raising $169 billion, and it shows that Alibaba sought the status of a new e-commerce superpower, on par with American competitor Amazon.com.

1 Saudi Aramco ($Aramco, 2019)

Initial IPO Valuation: $1.7 Trillion

The world’s largest oil company – Saudi Arabia’s state-owned oil company, Saudi Aramco – set a new record with a $1.7 trillion IPO in December 2019.

Saudi Aramco had one of its initial public offerings raise $25.6 billion, despite not selling more than 1.5 percent of its total shares on the Saudi Stock Exchange, with the largest-ever valuation attained through an IPO.

Shares were highly oversubscribed, despite Aramco being the monopoly provider of crude oil in Saudi Arabia.

Per SoFi.com: "Oversubscription for an IPO means that investor demand is higher than the available number of shares."

Aramco's IPO, although lower than the anticipated $2 trillion, underscored the size and authority of Crown Prince Mohammed bin Salman through the production volume of more than ten million barrels per day, reconfirming the dominance of Saudi Aramco.

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