Which company had the largest initial public offering by proceeds in 2019?

Saudi Aramco had the largest initial public offering by proceeds in 2019.

Saudi Aramco raised about $25.6 billion in its December 2019 offering on the Saudi Stock Exchange, known as Tadawul. The company later exercised an overallotment option, bringing the reported total to about $29.4 billion.

The offering sold only a small percentage of the state-owned oil company, but the enormous size of Saudi Aramco made it one of the most valuable listed companies in the world. Its valuation is closely tied to oil production, reserves, prices, and the strategic role of energy in Saudi Arabia.

Alibaba’s 2014 listing had previously held the record for IPO proceeds. Saudi Aramco’s offering surpassed it, although IPO rankings can differ depending on whether overallotment shares are included.