Saudi Aramco had the largest initial public offering in history when it raised about $25.6 billion in December 2019.
The offering sold shares on Saudi Arabia’s stock exchange at 32 Saudi riyals each. An over-allotment option later increased the total proceeds to about $29.4 billion, strengthening the offering’s record position. Saudi Aramco’s listing followed years of discussion about selling a small portion of the state-owned oil company.
Alibaba had previously held the record after its 2014 New York listing, which raised about $25 billion. Saudi Aramco exceeded that amount with its initial sale before the additional shares from the over-allotment option were counted.
An IPO raises money by selling shares to public investors. It is different from a company’s market capitalization, which represents the total market value of all outstanding shares after trading begins.