What is the largest initial public offering (IPO) in history, as of 2024?

The largest initial public offering in history as of 2024 was Saudi Aramco’s IPO.

Saudi Aramco went public in December 2019 on Saudi Arabia’s Tadawul stock exchange. The offering initially raised about $25.6 billion, and an overallotment option later increased the total to approximately $29.4 billion. It surpassed Alibaba’s 2014 offering, which had raised about $25 billion.

The sale involved roughly 1.5% of the company’s shares, making Saudi Aramco the largest IPO by money raised at the time. Its listing also valued the oil producer at about $1.7 trillion, giving it an extraordinary market capitalization from its first trading day.

IPO rankings can vary depending on whether a source counts only the base offering, includes an overallotment option, or compares total proceeds with company valuation. Even with those distinctions, Saudi Aramco is the standard answer to the record-IPO question through 2024. Alibaba remains a commonly confused predecessor.