Saudi Aramco had the largest initial public offering in history, raising about $29.4 billion in 2019.
The Saudi Arabian Oil Company, commonly called Saudi Aramco, listed shares on the Saudi Stock Exchange in December 2019. The offering initially raised about $25.6 billion, and an additional share-allotment option increased the total to approximately $29.4 billion. The listing represented a small portion of the company while leaving the Saudi government as its dominant owner.
Saudi Aramco is one of the world’s largest integrated energy companies. Its operations include crude-oil exploration and production, refining, chemicals, marketing, and distribution. Its enormous reserves and production capacity have made it one of the most valuable companies by market capitalization.
The record is about the amount raised in an IPO, not necessarily the largest company valuation on the listing date. Alibaba’s 2014 New York listing had previously held the IPO fundraising record, while later rankings of listed companies depend on changing share prices.