Saudi Aramco recorded the largest initial public offering in history when it listed in Saudi Arabia in 2019.
Saudi Aramco raised about $25.6 billion in its December 2019 IPO by selling shares on the Saudi Exchange. Additional shares were later sold through an over-allotment option, bringing the total to about $29.4 billion and extending the record.
The oil company is formally known as Saudi Arabian Oil Company and is majority owned by the government of Saudi Arabia. It operates across exploration, production, refining, chemicals, and energy distribution.
An IPO record concerns money raised from newly listed shares, while a market-cap record concerns the total value of all outstanding shares. Those measures are related but not identical. Saudi Aramco’s listing also made it one of the world’s largest companies by market capitalization, alongside technology giants and other global energy firms.