The World’s Largest IPOs Adjusted For Inflation

Company IPO Date Industry Deal Size ($B) Inflation Adjusted ($B)
ICBC Oct 2006 Financials 14 18.1
Japan Tobacco Inc. Oct 1994 Consumer Staples 9.6 16.7
AT&T Wireless Group Apr 2000 Communication Services 10.6 16.1
Rosneft Oil Company Jul 2006 Energy 10.4 13.3
Dai-ichi Life Mar 2010 Financials 11 13.2
Kraft Foods Jun 2001 Consumer Staples 8.7 12.7
Agricultural Bank (H.K.) Jul 2010 Financials 10.4 12.4
Bank of China May 2006 Financials 9.2 11.8
France Telecom Oct 1997 Communication Services 7.3 11.7
Glencore May 2011 Materials 10 11.5
Company IPO Date Industry Deal Size ($B) Inflation Adjusted ($B)
Alibaba (H.K.) Nov 2019 Technology 11.2 11.3
Electricite De France Nov 2005 Utilities 8.3 11
Agricultural Bank (China) Jul 2010 Financials 8.9 10.6
Hengshi Mining Nov 2013 Materials 9.3 10.4
Japan Airlines Sep 2012 Industrials 8.5 9.5

Despite the recent flurry of IPO activity, only two of the largest 10 inflation-adjusted IPOs occurred in the last two years, with second place Saudi Aramco and Japan’s communications and tech conglomerate SoftBank.

Including NTT Docomo, three of the top 10 occurred in the 1990s. Italy’s energy giant ENEL SpA raised the equivalent of $25.9 billion in 1999, and German communications company Deutsche Telekom raised the equivalent of $21.3 billion in 1996.

Communications services accounted for five of the top 25 IPOs, and four of the top 10. Only the financials were more prominent with six of the top 25.

Final IPO Numbers can Outperform (and Underperform)

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