Saudi Aramco launched the largest initial public offering ever, raising about $29.4 billion in 2019.
Saudi Aramco began trading on the Saudi Exchange in December 2019. The offering initially raised about $25.6 billion, and an additional share-allotment option increased the total to approximately $29.4 billion. The company was valued at about $1.7 trillion at its listing price.
The state-owned oil producer offered only a small percentage of its shares, while the Saudi government retained overwhelming ownership. Its enormous oil reserves, production capacity, and role in Saudi Arabia’s economy made it one of the world’s most valuable listed companies.
Alibaba’s 2014 offering was the previous widely cited record, raising about $25 billion. An IPO’s money raised and a company’s market capitalization are different measurements: one concerns newly sold shares, while the other values all listed shares.