Which company raised $29.4 billion in the world's largest IPO in 2019?

Saudi Aramco raised $29.4 billion in the world's largest initial public offering in 2019.

The Saudi Arabian Oil Company, commonly called Saudi Aramco, began trading on the Saudi Stock Exchange, or Tadawul, in December 2019. The offering sold shares at 32 Saudi riyals each and valued the company at about $1.7 trillion.

Saudi Aramco is majority-owned by the Saudi Arabian government and is one of the world's largest integrated energy companies. Its operations include crude-oil production, refining, natural gas, petrochemicals, and global distribution. Its enormous reserves and production capacity have made it a frequent contender for the title of the world's most valuable company by market capitalization.

The IPO was initially planned to raise up to $100 billion through a broader international listing, but the eventual offering was conducted on Tadawul and was smaller than the original proposal. The $29.4 billion figure included an overallotment option, often called a greenshoe.