Alibaba's IPO now ranks as the world's largest

Alibaba&#039;s IPO now ranks as the world&#039;s largest

(Image credit: Andrew Burton/Getty Images)

last updated 8 January 2015

Chinese online retail giant Alibaba raised a massive $21.8 billion in its eagerly anticipated initial public offering on Friday. But Alibaba wasn't done cashing in. The strong demand for shares led underwriters to sell another 48 million shares, Reuters reports, upping the IPO to about $25 billion, the world's largest. Facebook, by contrast, raised a paltry (in comparison) $16 billion in 2012.

This isn't purely a "China rising" record, though. The previous top IPO — now No. 2 — belonged to the Agricultural Bank of China, which raised $22.1 billion in 2010. To get to an American company, you have to down to No. 5, Visa, which raised $19.7 billion in its 2008 IPO.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.