Which company held the largest IPO in history when it listed in December 2019?

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

Saudi Aramco raised approximately $25.6 billion in its initial offering on the Saudi Stock Exchange, known as Tadawul. An additional share-allocation option later increased the amount to about $29.4 billion, making the offering the largest IPO recorded at the time.

The company is formally Saudi Arabian Oil Company and is majority-owned by the Saudi government. It offered only a small portion of its total shares to the public, while the state retained control. The listing formed part of Saudi Arabia’s effort to diversify its economy and develop its capital market under Vision 2030.

The IPO is often confused with the company’s total market capitalization, which was much larger than the money raised. An IPO measures newly sold or offered shares; market capitalization measures the value of all outstanding shares at the current market price.