Saudi Aramco had the largest-ever initial public offering when it listed shares in Saudi Arabia in 2019.
Saudi Aramco sold shares on the Saudi Exchange in December 2019, raising approximately $25.6 billion in the initial offering. After an additional share sale, the total proceeds reached roughly $29.4 billion, reinforcing its record as the largest IPO at the time.
The company is formally known as Saudi Arabian Oil Company and is majority owned by the Saudi government. It is one of the world’s largest integrated energy companies, with activities spanning oil and gas production, refining, chemicals, and distribution.
The IPO was part of Saudi Arabia’s Vision 2030 economic program, which seeks to diversify the country’s economy beyond petroleum. The listing did not mean that the government gave up control: the state retained the overwhelming majority of Aramco’s shares. Alibaba’s 2014 New York listing was the previous widely recognized record-holder.