Saudi Aramco held the world’s largest IPO, raising about US$25.6 billion in 2019.
Saudi Aramco listed shares on the Saudi Exchange in December 2019. The offering sold a small percentage of the company and raised approximately US$25.6 billion, giving the oil producer an initial valuation of about US$1.7 trillion. An additional share-allotment option later increased the proceeds to roughly US$29.4 billion.
Saudi Aramco is formally the Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. Its operations cover exploration, production, refining, chemicals, and energy marketing, making it much more than a single oil field or refinery.
The IPO is often compared with Alibaba’s 2014 New York listing, which had previously held the record. IPO proceeds and market capitalization are different measures: proceeds are money raised by selling shares, while market capitalization values all outstanding shares at the market price.