The 2019 Saudi Aramco IPO was the largest initial public offering in history at the time.
Saudi Aramco began trading on the Saudi Exchange in December 2019 after selling shares to investors. The offering raised about $25.6 billion initially, and an additional share sale, known as an over-allotment or greenshoe, brought the total to approximately $29.4 billion. The company offered a relatively small percentage of its total ownership.
The offering valued Saudi Aramco at about $1.7 trillion at the IPO price. That valuation reflected the company's enormous oil reserves, production capacity, refining and chemicals operations, and strategic importance to Saudi Arabia. The Saudi government remained the dominant shareholder.
The record is time-specific because later offerings can change rankings and because market values fluctuate. The IPO is also distinct from Saudi Aramco's later secondary share sale. Those details explain why published totals and comparisons may differ slightly.