Which company held the largest initial public offering in history by proceeds?

Saudi Aramco held the largest initial public offering in history by proceeds when it listed shares in December 2019.

The Saudi Arabian Oil Company sold shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $29.4 billion after an additional share allocation, making it larger by proceeds than Alibaba’s 2014 IPO.

Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest integrated energy companies. Its enormous oil reserves, production capacity, refining operations, and export network made it one of the most valuable businesses even before its public listing.

IPO proceeds and market capitalization are different measures. Proceeds describe the money raised by selling newly offered shares, while market capitalization values all publicly traded shares at their current market price. Saudi Aramco’s listing is famous for both its record IPO and its very large valuation.