Which company had the world's largest IPO by proceeds in 2019?

Saudi Aramco had the world's largest initial public offering by proceeds in 2019. Its December 2019 listing raised about $25.6 billion, and an additional share sale later increased the total to approximately $29.4 billion.

The offering listed shares of Saudi Arabian Oil Company, commonly called Saudi Aramco, on the Saudi Tadawul exchange. The company is one of the world's largest oil producers and is majority owned by the Saudi Arabian government.

Saudi Aramco's IPO is connected to market capitalization because the initial share price implied a valuation of roughly $1.7 trillion. That made it one of the world's most valuable listed companies immediately after listing. Alibaba's 2014 IPO had previously held the proceeds record.