Saudi Aramco held the record for the largest initial public offering after raising about $25.6 billion in 2019.
Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, in December 2019. Its offering initially raised approximately $25.6 billion, and an additional overallotment later increased the total to about $29.4 billion.
The company is Saudi Arabia’s state-controlled oil producer and one of the world’s largest integrated energy businesses. Its enormous reserves, oil production, refining operations, and export role made the listing a major event for global capital markets.
The record is often confused with Alibaba’s 2014 IPO, which raised about $25 billion and was the previous record holder. IPO totals can also be reported before or after an overallotment option, so different sources may show different figures for the same offering.