In recent decades, family-owned IPOs have become a strategic route for businesses seeking growth, capital, and global recognition. Market momentum has been strong, with 1,359 IPOs raising over $204 billion worldwide in 2018, and Asian companies accounting for roughly 43 percent of the total. For family-owned enterprises, the decision to go public is complex, often balancing expansion goals, founder exit strategies, and brand prestige.
Here are ten of the largest and most notable family-owned IPOs, detailing their motivations and impacts.
10. Levi Strauss
Year of IPO: 2019 | Value: $623 million
Levi Strauss & Co., founded in 1853, first went public in 1971 but was taken private in 1985 by the Haas family. The 2019 IPO aimed to fund expansion in China and Brazil, markets where the brand represented less than 4 percent of sales in 2018.
9. Evergrande Group
Year of IPO: 2009 | Value: $722 million
Owned by Hui Ka Yan, Evergrande sought its IPO to reduce debt and transition to a more sustainable business model. The IPO fell short of its $1.5 billion target, influenced by competition from other Chinese developers.
8. Ferrari (Exor)
Year of IPO: 2015 | Value: $884 million
The Agnelli family’s investment firm, Exor, used Ferrari’s IPO to strengthen its stake in the iconic sports car brand. Separating Ferrari from Fiat Chrysler allowed Exor to control 33.4 percent of voting power while capitalizing on favorable IPO market conditions.
7. JD.com
Year of IPO: 2014 | Value: $1.78 billion
Founder Richard Liu moved his retail business online in 2004. JD.com’s IPO was oversubscribed 15 times, raising more than expected and securing a $26 billion valuation, strategically beating competitor Alibaba to market.
6. Traton (Volkswagen)
Year of IPO: 2019 | Value: $1.8 billion
Volkswagen’s commercial vehicle division, Traton, went public to raise capital for competitiveness in the electric commercial vehicle sector, while mitigating economic uncertainty from Brexit and slowing markets in Europe and China.
5. Genentech (Roche Holdings)
Year of IPO: 1999 | Value: $1.9 billion
Controlled by the Hoffmann and Oeri families, Roche partially floated Genentech to maintain its independent trading status and reassure US investors, later acquiring full ownership in 2009 for $43.7 billion.
4. Reliance Power
Year of IPO: 2008 | Value: $3 billion
The Ambani family’s IPO became India’s largest, fully subscribed within a minute. Proceeds were aimed at financing the Ultra Mega Power Project in Sasan, though initial trading losses highlighted the risks of highly leveraged investors.
3. Anheuser-Busch InBev
Year of IPO: 2019 | Value: $5 billion
Controlled by the Van Damme, De Spoelberch, and De Mevius families, the IPO helped the global brewer manage over $100 billion of debt from the SABMiller acquisition and expand into Asian markets through the Hong Kong Stock Exchange.
2. Banco Santander Brasil
Year of IPO: 2009 | Value: $8 billion
Owned by the Spanish Botín family, Banco Santander SA used the IPO to strengthen operations in South America, opening branches, expanding ATMs, and enhancing commercial banking in Brazil’s growing market.
1. Walmart
Year of IPO: 1970 | Value: $5 million (inflation-adjusted $32 million)
Brothers Sam and Bud Walton took Walmart public to reduce debt and support expansion. Initial shares quickly multiplied in value, setting the foundation for Walmart to become the world’s largest company by revenue.
