Saudi Aramco had the largest initial public offering by funds raised when it went public in 2019.
Saudi Aramco’s December 2019 listing raised about $29.4 billion after an overallotment option was exercised, making it the largest initial public offering by proceeds at the time. The shares were listed on the Saudi Stock Exchange, known as Tadawul.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, chemicals, and distribution. The listing sold only a small portion of the company, leaving the Saudi government with overwhelming ownership.
The record is about IPO funds raised, not necessarily the highest first-day gain or the largest percentage of a company sold. Alibaba’s 2014 New York listing raised about $25 billion, while Saudi Aramco’s offering surpassed it after the additional shares were issued.