Saudi Aramco had the world's largest initial public offering when it debuted on the Saudi Exchange in 2019.
The company sold 1.5% of its shares in December 2019, raising approximately $29.4 billion. Strong investor demand led the shares to reach a valuation of about $2 trillion shortly after listing.
Saudi Aramco is formally known as Saudi Arabian Oil Company. It is majority owned by the government of Saudi Arabia and operates one of the world's largest hydrocarbon businesses. Its enormous reserves, production capacity, and profitability have made it one of the most valuable publicly traded companies.
The frequently cited $29.4 billion figure refers to the IPO proceeds, while the company's market value is a separate measure. Market capitalization changes with the share price, whereas IPO proceeds describe money raised when shares were first sold.