Saudi Aramco held the largest initial public offering ever when it listed shares on the Saudi stock exchange in 2019.
The offering raised about $25.6 billion by selling a portion of the state-owned oil company. An additional share-allotment option later increased the total reported proceeds to roughly $29.4 billion, strengthening its record over Alibaba’s 2014 listing.
Saudi Aramco is formally known as Saudi Arabian Oil Company and remains majority-owned by the Saudi government. Its enormous valuation is closely linked to its oil reserves, production capacity, refining network, and global energy operations.
The IPO did not mean that Saudi Aramco became fully private. Only a small fraction of the company was offered to investors, while the state retained overwhelming ownership. Market capitalization therefore reflected the value of the listed shares multiplied across the company’s total share count.