Saudi Aramco had the world’s largest initial public offering when it raised about $29.4 billion in 2019.
The Saudi Arabian Oil Company sold shares on the Saudi Exchange in December 2019. The offering initially raised about $25.6 billion, and an additional share-allocation option increased the total to approximately $29.4 billion. The listing valued the company at roughly $1.7 trillion.
Saudi Aramco’s scale comes from its enormous oil and gas reserves, production capacity, refining operations, and global energy activities. Its listing was part of Saudi Arabia’s economic diversification plans associated with Vision 2030.
The IPO record is related to market capitalization but is not the same thing. An IPO measures capital raised by selling shares, while market capitalization measures the market value of all outstanding shares after listing. Alibaba had previously held the IPO fundraising record.