Saudi Aramco conducted the largest initial public offering in history by proceeds raised.
Saudi Aramco’s 2019 IPO raised approximately US$25.6 billion when shares began trading on the Saudi Stock Exchange. The company later exercised an overallotment option, taking the total proceeds to about US$29.4 billion.
The offering listed a small portion of the state-owned oil producer, while the Saudi government retained the overwhelming majority of ownership. The IPO formed part of Saudi Arabia’s Vision 2030 strategy to diversify the economy and develop domestic capital markets.
Alibaba’s 2014 New York IPO is another frequently cited record because it raised about US$25 billion at its original size. Saudi Aramco exceeded Alibaba after its overallotment, which is why the two figures sometimes appear in comparisons.