Which company had the largest IPO in history as of 2024?

Saudi Aramco had the largest IPO in history as of 2024, raising a record amount when it listed shares in December 2019.

The Saudi Arabian Oil Company offered a small portion of the state-owned energy giant on Saudi Arabia’s Tadawul exchange. The initial sale raised about $25.6 billion and valued the company at roughly $1.7 trillion. An over-allotment, or greenshoe, option later increased the total proceeds to approximately $29.4 billion.

That result surpassed Alibaba’s 2014 offering, which had raised about $25 billion and previously held the record. Saudi Aramco’s sale was also unusual because the company remained overwhelmingly controlled by the Saudi government; only a small fraction of its shares entered public trading.

The other options are notable offerings but do not hold this record: SoftBank’s 2018 listing was Japan’s largest, Facebook’s 2012 IPO was a major technology offering, and Alibaba was the previous global record-holder. A later secondary share sale is not an IPO, so it does not change the answer to this question.