Saudi Aramco had the largest initial public offering in history when it listed on the Saudi Stock Exchange in 2019.
Saudi Aramco raised about $25.6 billion in its December 2019 IPO by selling shares on Tadawul. An additional share-allotment option later increased the proceeds to approximately $29.4 billion, keeping the offering ahead of other major listings.
The company is formally known as Saudi Arabian Oil Company and remains majority-owned by the Saudi government. Its enormous valuation is tied to Saudi Arabia’s extensive oil reserves, large-scale production, refining, and global energy operations.
The IPO is often compared with Alibaba’s 2014 listing and Industrial and Commercial Bank of China’s 2006 offering. Those were also landmark transactions, but Saudi Aramco’s total proceeds made it the largest IPO. IPO proceeds and market capitalization are related but not identical: the former measures shares sold, while the latter values the entire company.