Saudi Aramco had the world’s largest IPO after raising about $29.4 billion in Saudi Arabia in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering initially raised about $25.6 billion, and an additional share sale later increased the total to approximately $29.4 billion. The listing valued the oil company at around $1.7 trillion at its debut.
Saudi Aramco is Saudi Arabia’s state-controlled petroleum company and one of the largest oil producers in the world. Its business includes exploration, production, refining, chemicals, and energy-related investments. The company’s scale and reserves made its stock-market debut important far beyond Saudi Arabia.
The IPO amount is not the same as the company’s market capitalization. Saudi Aramco sold only a small portion of its shares to the public, while the government retained control. The offering is also distinct from Alibaba’s 2014 IPO, which held the earlier record before Saudi Aramco surpassed it.