Saudi Aramco held the world’s largest initial public offering in 2019.
The company sold shares on the Saudi Exchange in December 2019, raising about US$29.4 billion after an over-allotment option. The offering valued Aramco at approximately US$1.7 trillion, making it one of the most valuable listed companies from its first trading day.
Saudi Aramco is Saudi Arabia’s state-controlled oil company and one of the world’s largest integrated energy businesses. Its operations include crude-oil production, refining, petrochemicals, and distribution.
The IPO is sometimes confused with Alibaba’s 2014 listing, which raised about US$25 billion and was the largest IPO at that time. Aramco’s offering exceeded that total, although IPO rankings can change when later share sales and over-allotments are counted.