Saudi Aramco set the record for the largest initial public offering by market capitalization in 2019.
The Saudi Arabian oil company listed on the Saudi Exchange in December 2019 after selling shares at 32 Saudi riyals each. The offering raised about US$25.6 billion, and additional shares later brought the total to approximately US$29.4 billion. At its debut, Saudi Aramco was valued at about US$1.88 trillion.
That valuation made the offering larger than Alibaba’s 2014 IPO, which had previously held the record. Saudi Aramco’s market value was tied to its enormous oil reserves, production scale, and strategic importance to Saudi Arabia.
An IPO’s money raised and its post-listing market capitalization are different measures. The former depends on shares sold and their price; the latter values the entire listed company at that price.