Saudi Aramco conducted the largest initial public offering ever by proceeds in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange in December 2019 after selling shares to the public. The offering raised approximately $25.6 billion, making it the largest IPO by proceeds at the time. An additional share-allotment option later increased the total to about $29.4 billion.
The company is formally known as Saudi Arabian Oil Company and is majority-owned by the Saudi Arabian government. It operates across oil exploration, production, refining, chemicals, and related energy activities. Its public listing gave investors access to a small portion of a company that had previously been wholly state-owned.
The record is about IPO proceeds, not necessarily the largest first-day market capitalization or the largest company by revenue. Alibaba's 2014 listing was the largest technology IPO, while PetroChina's 2007 debut briefly produced an exceptionally high market value.