Saudi Aramco raised approximately $29.4 billion in its 2019 initial public offering.
The offering sold shares on the Saudi Stock Exchange, known as Tadawul, and was widely described as the largest initial public offering in history at the time. The company sold 1.5% of its shares at 32 Saudi riyals per share. Strong demand led to additional shares being sold through an over-allotment option, bringing the total proceeds to about $29.4 billion.
Saudi Aramco is formally Saudi Arabian Oil Company. It grew from the oil concession granted to Standard Oil of California in 1933, and the Saudi government progressively acquired ownership before taking full control in the 1980s. The company remains a major producer of crude oil and a central part of Saudi Arabia's economy.
The IPO figure can be confused with Aramco's much larger proposed valuation, which was often discussed separately. The $29.4 billion figure refers to money raised by selling shares, not the company's total market value.