At almost 22 billion U.S. dollars in deal size, Alibaba’s IPO in 2014, underwritten by Credit Suisse, was the largest initial public offering (IPO) in the United States, followed by Visa's 2008 IPO, underwritten by JP Morgan.
How big is Alibaba?
The Alibaba Group Holding, a hugely profitable Chinese company operating in the e-commerce sector, debuted on the New York Stock Exchange. This was a critical IPO because it gave private investors a chance to reach into the Chinese market. The company sells trillions of yuan in merchandise each year. For a company that was already handling volume on that magnitude at the time of its IPO, a skilled underwriter like Credit Suisse was crucial for and IPO.
Why does an IPO need an underwriter?
An IPO is a complicated process. Even a larger firm like Alibaba does not have specialists in the kind of regulations placed on the process, so they are willing to pay significant underwriter fees to ensure a successful IPO. This risk can pay off with high returns if conditions are correct, but a significant number of IPOs also have negative first day returns.
Underwriters of largest IPOs in the United States as of 2023
(in million U.S. dollars)
Underwriter (company, IPO date)
Deal size in million U.S. dollars
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Renaissance Capital. (January 30, 2024). Underwriters of largest IPOs in the United States as of 2023 (in million U.S. dollars) [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/
Renaissance Capital. "Underwriters of largest IPOs in the United States as of 2023 (in million U.S. dollars)." Chart. January 30, 2024. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/
Renaissance Capital. (2024). Underwriters of largest IPOs in the United States as of 2023 (in million U.S. dollars). Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/
Renaissance Capital. "Underwriters of Largest Ipos in The United States as of 2023 (in Million U.S. Dollars)." Statista, Statista Inc., 30 Jan 2024, https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/
Renaissance Capital, Underwriters of largest IPOs in the United States as of 2023 (in million U.S. dollars) Statista, https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/ (last visited September 01, 2024)
Underwriters of largest IPOs in the United States as of 2023 (in million U.S. dollars) [Graph], Renaissance Capital, January 30, 2024. [Online]. Available: https://www.statista.com/statistics/453536/underwriters-of-largest-ipos-usa/