Saudi Aramco had the largest initial public offering by market capitalization in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019. Its offering raised about $25.6 billion, and an additional share-allotment option later increased the total to roughly $29.4 billion. At its debut price, the company was valued at approximately $1.9 trillion.
The offering sold only a small percentage of Saudi Aramco’s shares, with the Saudi government retaining the overwhelming majority. The company is one of the world’s largest integrated oil and gas businesses, with operations spanning exploration, production, refining, chemicals, and distribution.
Alibaba’s 2014 listing and PetroChina’s 2007 debut are major earlier IPOs, but neither was the 2019 record associated with Saudi Aramco. IPO value and total company market capitalization are related but not identical measures.