Saudi Aramco had the world’s largest initial public offering, raising about $25.6 billion in 2019.
The Saudi Arabian Oil Company listed shares on the Tadawul, Saudi Arabia’s stock exchange, in December 2019. The offering sold a small portion of the state-owned company and valued Saudi Aramco at roughly $1.7 trillion at the initial listing price.
An overallotment option later increased the proceeds to approximately $29.4 billion, but the commonly cited initial amount is about $25.6 billion. The offering surpassed Alibaba’s 2014 listing record.
Saudi Aramco is one of the world’s largest oil producers and is majority-owned by the Saudi government. Its market value is strongly influenced by oil prices and global energy demand.