Saudi Aramco conducted the largest initial public offering ever, raising about $25.6 billion in December 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, listed shares on the Saudi Stock Exchange, or Tadawul. The offering sold a relatively small percentage of the company, yet its size reflected the enormous scale of the state-controlled oil producer.
Saudi Aramco initially raised about $25.6 billion. An additional share-allotment option later increased the proceeds to roughly $29.4 billion, reinforcing the offering’s record status. The company’s shares began trading in Riyadh in December 2019.
Alibaba’s 2014 New York offering had previously held the record for the largest IPO. Saudi Aramco is also notable in market-cap discussions because its valuation has been among the largest in the world, alongside technology giants such as Apple and Microsoft.