Saudi Aramco had the largest initial public offering in history when it listed shares in December 2019.
Saudi Aramco raised about $29.4 billion in its 2019 IPO after selling shares on the Saudi Stock Exchange, known as Tadawul. The offering initially raised approximately $25.6 billion, and an additional share-allocation option later increased the total to the record figure.
The company is Saudi Arabia’s national oil and gas business and is formally known as Saudi Arabian Oil Company. Its scale, reserves, production capacity, and importance to the Saudi economy made the listing a major global market event.
The IPO’s fundraising total is not identical to the company’s market capitalization. An IPO measures money raised from shares sold, while market capitalization values all outstanding shares at the current market price. Saudi Aramco’s valuation therefore changed after listing as its share price moved.