Saudi Aramco completed the largest IPO in history when it listed on the Saudi Exchange in 2019.
Saudi Aramco sold shares to the public in December 2019, raising approximately $25.6 billion. After an additional share sale, the offering’s total value rose to about $29.4 billion, making it the largest initial public offering on record.
The company is formally known as Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. It is one of the world’s largest integrated energy companies, with activities spanning oil production, refining, chemicals, and distribution.
Saudi Aramco’s IPO is different from market capitalization. The offering describes the value of shares sold to investors, while market capitalization describes the value of all publicly traded equity. The listing nevertheless made Aramco one of the world’s most valuable companies.