Top 22 Biggest US IPOs of All Time

The biggest US IPOs in history include big names like chipmakers, ride-hailing companies, and global telecom giants. Initial public offerings (IPOs) are the way companies raise money from the stock market by letting the public buy their shares.

Many times, these are young companies looking for funds to grow, and while some may be small, the biggest IPOs can lead to massive gains for investors.

Think about it this way: Imagine you put $10,000 into Amazon.com (AMZN) when it went public in 1997. Back then, the company’s shares were priced at $18 each. Over the years, there were a few stock splits.

If you held onto your original investment, today you’d own a whopping 133,200 AMZN shares. And the value of your investment would be around $17.5 million. That’s enough to retire comfortably for most folks!

However, it’s important to know that IPOs don’t always guarantee riches. We’ve seen famous dot-com companies like Pets.com and Webvan crash and burn. So, while there’s a chance for big profits with hot IPOs, there are also risks involved.

IPOs aren’t just for startups either. Some of the biggest IPOs come from established companies that have been around for many years, often leading to enormous deals.

So, what are the largest IPOs in U.S. history? In this article, we’ll explore the top 25 public offerings to ever hit U.S. markets with data courtesy of Renaissance Capital unless otherwise noted.

Travelers Property

IPO Date: March 22, 2002
Amount Raised in IPO: $3.9 billion
Offer Price: $18.50

Back in 1864, Travelers started by providing travel insurance for people braving the railways, a daring adventure in those times. They didn’t stop there. They went on to pioneer policies for cars, commercial airlines, and even space travel!

Travelers had an interesting journey, including being acquired by Primerica in 1993. They later merged with Citicorp to form Citigroup, but that wasn’t the end of the story. In 2002, they spun off and became the Travelers Companies, with the familiar red-umbrella logo.

Today, TRV stands as a giant with around 30,000 employees and 13,500 independent agents and brokers, making it a roughly $38 billion company.

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China Mobile Limited

IPO Date: October 22, 1997
Amount Raised in IPO: $4 billion
Offer Price: $11.50

In the midst of a financial crisis in Asia in 1997, China Mobile Limited managed to pull off a massive IPO, raising $4 billion. It was part of China’s plan to privatize some of its valuable assets. Investors saw it as a golden opportunity to get a slice of China’s growth potential.

What’s interesting is that many of these assets came from cellular customers and wealthier regions of China. Since then, China Mobile has expanded into areas like cloud computing and the Internet of Things (IoT).

They serve a whopping 985 million mobile customers and 286 million wireline broadband customers. While they delisted from the New York Stock Exchange (NYSE) due to regulations, they continue to trade on global exchanges.

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Banco Santander Brasil

IPO Date: October 6, 2009
Amount Raised in IPO: $4 billion
Offer Price: $13.50

Banco Santander Brasil’s IPO was quite a ride. Despite a rocky start, the bank managed to raise $4 billion. In 2009, investors were still wary of banks due to the recent Lehman Brothers collapse.Santander was the third-largest bank in Brazil at the time.

They used the funds to open about 600 branches, aiming to provide checking accounts to many unbanked Brazilians. However, post-IPO, the bank’s American depositary shares (ADS) lost more than three-quarters of their value.

Blackstone Group

IPO Date: June 21, 2007
Amount Raised in IPO: $4.1 billion
Offer Price: $31.00

The Blackstone Group’s impeccable timing marked its IPO success. They went public during the peak of the private-equity boom, just before the financial crisis hit.Co-founders Stephen Schwarzman and Peter Peterson had started the firm in 1985 with a mere $400,000.

It wasn’t long before they expanded into various investment categories, reaching a remarkable $1 trillion in assets under management by July 2023.

Conoco

IPO Date: October 22, 1998
Amount Raised in IPO: $4.4 billion
Offer Price: $23.00

Conoco, founded in 1875 as Continental Oil and Transportation Company, went through various mergers and changes. It was spun off in 1998, raising $4.4 billion in its IPO.

Conoco went on to merge with Phillips Petroleum in 2002, forming ConocoPhilips, and now operates in 13 countries with total assets of $90 billion.

DiDi Global

IPO Date: June 29, 2021
Amount Raised in IPO: $4.4 billion
Offer Price: $14.00

Didi Global’s rapid IPO took just three days, highlighting the growth potential in China’s ride-hailing industry. Unfortunately, regulatory issues led to a dramatic delisting and a significant drop in the company’s market capitalization.

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Coupang

IPO Date: March 11, 2021
Amount Raised in IPO: $4.6 billion
Offer Price: $35.00

Coupang, launched in South Korea as an e-commerce platform, enjoyed significant growth, especially during the pandemic. However, as the world returned to normal, its shares faced pressure, losing over 60% of their initial value by October 2023.

CIT Group

IPO Date: July 2, 2002
Amount Raised in IPO: $4.6 billion
Offer Price: $23.00

CIT Group faced ups and downs, from an IPO in 2002 to bankruptcy during the financial crisis. In 2022, it merged with First Citizens BancShares in a deal worth around $2.2 billion.

Arm

IPO Date: September 13, 2023

Amount Raised in IPO: $4.6 billion

Offer Price: $51.00

Arm Holdings, known for its cutting-edge semiconductors, became a notable IPO in 2023. With a market capitalization of approximately $55 billion, Arm continues to innovate in the world of technology, focusing on expanding into new areas like data centers and AI.

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China Unicom

IPO Date: June 21, 2000
Amount Raised in IPO: $4.9 billion
Offer Price: $19.99

In the summer of 2000, amid the bursting of the dot-com bubble, Chinese telecom company China Unicom stood undeterred. It orchestrated a monumental $4.9 billion IPO, setting a record as the largest U.S. IPO by a Chinese company at the time. What’s more, it managed to gain 12% on its first day, offering shares both in New York and Hong Kong.

Back then, China Unicom was the second-largest telecom company in China, with substantial market presence in key cities like Beijing, Shanghai, and Tianjin, holding about 14% market share. Surprisingly, half of its revenue came from paging services.

Fast forward to today, China Unicom has a staggering 947.2 million subscribers and has expanded its services into areas like cybersecurity, the Internet of Things (IoT), and big data.

It’s worth noting that China Unicom delisted from the NYSE in 2021.

Infineon

IPO Date: March 13, 2000
Amount Raised in IPO: $5.2 billion
Offer Price: $33.92

In 2000, German chipmaker Infineon Technologies saw an opportunity to capitalize on the dot-com boom in the U.S. It turned out to be a smart move, as its IPO became the second-largest for a German company, only behind Deutsche Telekom. Their shares more than doubled from the $33.92 offering price, reaching $70 per share.

Initially a division of Siemens, Infineon Technologies was already ranked 10th among global chipmakers in terms of total sales. Although it delisted from the New York Stock Exchange in 2007, it continues to trade on the Frankfurt Exchange and over-the-counter in the U.S.

The company has carved a significant presence in vital markets such as self-driving vehicles and the Internet of Things (IoT). Their power and smart card integrated circuits (ICs) enjoy the number one position in market share. As of fiscal 2022, their revenue exceeded €14 billion, and they have 56,200 employees worldwide.

United Parcel Service (UPS)

IPO Date: November 10, 1999
Amount Raised in IPO: $5.5 billion
Offer Price: $50.00

UPS, the iconic package delivery and supply chain management company, has a remarkable history. Its origins date back to 1907 when James Casey founded the American Messenger Company.

Initially providing parcel and special-mail services mainly on foot and bicycle, UPS soon incorporated the Ford Model T in 1913 to upgrade its fleet. It officially became United Parcel Service (UPS) in 1919.

Notably, UPS built a massive business without requiring much external capital. Surprisingly, it didn’t go public until 1999, much later than its rival FedEx, which was founded in 1971 and went public in 1978.

The demand for UPS’s IPO was so intense that the deal had to be delayed by 45 minutes, and shares surged 36% on their first day of trading. Employees collectively owned about a third of the company’s shares.

Today, UPS thrives, with 2022 revenue exceeding $100 billion. The company delivers over 24.3 million packages per day across more than 200 countries and territories.

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Swisscom

IPO Date: October 5, 1998
Amount Raised in IPO: $5.6 billion
Offer Price: $25.00

Swisscom’s roots trace back to 1851 when the Swiss government established a telegraph network across Switzerland, later evolving into the nation’s telephone system. This organization eventually became Swisscom (SCMWY), which has adeptly adapted to emerging technologies such as mobile networks.

In the 1990s, the Swiss government opted for privatization, believing it was the best path for growth and innovation. This involved a public offering that raised $5.6 billion in the U.S. and a total of $7.1 billion globally, securing its place among the biggest IPOs ever.

The party was short-lived, and in 2007, Swisscom decided to delist its shares from the NYSE. The primary reasons included onerous costs and regulations in light of low trading volumes. Nevertheless, Swisscom shares are still traded over-the-counter.

Today, Swisscom claims 54% of the market share in mobile communications within Switzerland and 49% in the broadband category.

Telstra

IPO Date: November 17, 1997
Amount Raised in IPO: $5.6 billion
Offer Price: $25.00

Similar to Swisscom’s history, Telstra (TLGPY) has its roots in Australia’s telecommunications system, which was under the jurisdiction of the Postmaster-General Department starting in 1901. In 1993, the system underwent a name change to Telstra, a portmanteau of “telecommunications” and “Australia.”

As competition heated up, the Australian government initiated a privatization program for Telstra in 1997. The first step was a partial IPO, which resulted in an impressive $5.6 billion from investors.

Today, Telstra remains Australia’s dominant telecom operator, serving 18.8 million retail mobile customers. Although it delisted from the NYSE in 2006, it continues to trade over-the-counter in the U.S.

France Telecom (Orange)

IPO Date: October 17, 1997
Amount Raised in IPO: $7.3 billion
Offer Price: $32.00

France Telecom, dating back to 1878, originated from the French government’s creation of the Ministry of Posts and Telegraphs, an exclusive telecommunications organization for France. As the mid-1990s approached, the French government began privatizing various state-owned enterprises, and France Telecom was among its most valuable assets.

This public offering coincided with the dot-com bubble, and investors believed that the platform could be leveraged as vital internet infrastructure. In 2007, France Telecom rebranded as Orange (ORAN), a recognition of its expansion into different business segments and a more memorable brand for consumers.

Today, Orange serves 287 million customers and reported €43.5 billion in revenue in the last year.

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Uber Technologies

IPO Date: May 10, 2019
Amount Raised in IPO: $8.1 billion
Offer Price: $45.00

Founded in 2009 by Garrett Camp and Travis Kalanick, Uber Technologies became one of the hallmark apps of the smartphone era. The company aggressively pursued growth strategies, raising substantial capital and rapidly building an extensive network.

However, Uber’s journey was not without controversy. It faced issues such as building software to bypass regulators, and sexual harassment.

Deutsche Telekom

IPO Date: November 17, 1997
Amount Raised in IPO: $13 billion
Offer Price: $17.00

Deutsche Telekom (DTEGY) has a long and storied history that began in West Germany a few years after World War II. Over time, it underwent multiple restructurings, and its privatization process commenced in early 1995.

In late 1997, the German government launched a massive IPO for Deutsche Telekom, raising approximately $13 billion in fresh capital. The IPO faced some challenges, mainly due to slowing growth and competitive pressures. However, Deutsche Telekom enjoyed a significant advantage: a monopoly on internet services in Germany.

Today, it stands as one of the world’s largest telecom operators, serving 245 million mobile customers and boasting 21 million broadband lines. The company operates in over 50 countries. Although Deutsche Telekom delisted from the NYSE in 2010, it still trades over-the-counter.

General Motors (GM)

IPO Date: November 18, 2010
Amount Raised in IPO: $15.8 billion
Offer Price: $33.00

General Motors (GM) boasts a rich history dating back to 1908 and a portfolio of iconic brands. However, it encountered financial troubles during the 2008 financial crisis, filing for bankruptcy in June 2009 and earning the moniker “Government Motors” after receiving a $50 billion bailout from the federal government.

GM took significant steps to recover. The company aggressively reduced costs, streamlined operations, revamped its product lineup, and focused on the Chinese market, which paid off. By 2011, GM had achieved a $4.7 billion profit, its first positive annual earnings since 2004.

Despite this success, GM’s stock performance has been underwhelming, trading approximately 10% below its IPO price.

Meta Platforms (formerly Facebook)

IPO Date: May 18, 2012
Amount Raised in IPO: $16.0 billion
Offer Price: $38.00

The lead-up to Facebook’s IPO in 2012 was filled with drama and challenges. Facebook’s prospectus hinted that user-base growth might slow, and its mobile business was struggling. CEO Mark Zuckerberg’s attire at the investor presentation, notably wearing a hoodie, created an impression of a casual attitude.

The IPO day was marred by a Nasdaq glitch, resulting in around $500 million in losses to Facebook investors. In the following months, Facebook’s stock price dipped below $20 per share.

However, Zuckerberg didn’t back down. He refocused on mobile investments, upgraded the original Facebook app, and acquired Instagram and WhatsApp. Facebook eventually bounced back and, by August 2021, its shares traded for over $380.

In 2021, Zuckerberg took a significant step into the metaverse, renaming the company Meta Platforms (META). While the move has been costly, Zuckerberg has trimmed costs, invested heavily in AI, and achieved a substantial recovery in the FAANG stock.

Enel SpA

IPO Date: November 2, 1999
Amount Raised in IPO: $16.5 billion
Offer Price: $45.23

Italian utility company Enel SpA (ENLAY) faced several obstacles during its IPO. It was in the utility sector, which didn’t typically generate much excitement, and it was a foreign company, further reducing interest.

Wall Street’s reaction was relatively subdued, with the utility stock showing minimal movement on its first day of trading, inching up by just 0.33%. Notably, Enel was state-owned, and the Italian government used the IPO to boost its treasury as part of a broader privatization and euro adoption strategy.

Despite being the second-largest IPO raise in U.S. market history, Enel’s stock struggled to gain traction. In 2007, the company chose to delist from the NYSE due to low trading volumes.

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Visa (V)

IPO Date: March 18, 2008
Amount Raised in IPO: $17.9 billion
Offer Price: $44.00

Visa (V) embarked on its IPO journey during a tumultuous period. In March 2008, JPMorgan Chase’s acquisition of Bear Stearns sent shockwaves across Wall Street, with concerns mounting about the health of America’s largest financial institutions.

Nonetheless, Visa chose to go public a few days later. The company aimed to convey its financial stability during a challenging time. Visa operated the world’s largest payment system and was owned by approximately 13,000 financial institutions. At the time of its IPO, it boasted around 1.5 billion cards in use, dwarfing its rival Mastercard’s 916 million.

The market responded positively to Visa’s offering, pushing its shares up by 28% on the first day of trading. Over time, Visa’s stock has multiplied more than tenfold for investors willing to bet on it during a challenging market environment.

Alibaba Group Holding (BABA)

IPO Date: September 19, 2014
Amount Raised in IPO: $21.8 billion
Offer Price: $68.00

Alibaba Group Holding, founded by Jack Ma and 17 other co-founders in 1999, initially faced substantial hurdles. The company’s early days were marked by difficulties in securing funding, as the tech industry faced significant challenges during the dot-com bubble burst.

Despite these challenges, Alibaba built a robust ecosystem. By the time of its 2014 IPO, the company was generating around $3.8 billion in annual net income from 279 million active buyers.

Alibaba’s business expanded into various areas, including cloud computing, digital media, and self-driving vehicles. However, it had to contend with regulatory scrutiny, which weighed on its stock performance. Since the IPO, Alibaba’s returns have been modest, increasing by about 20%.

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These Are the 22 Largest IPOs in US History