Saudi Aramco set the record for the largest initial public offering in history in 2019.
Saudi Aramco’s shares began trading on the Saudi Stock Exchange in December 2019. The offering raised approximately $25.6 billion, making it the largest IPO ever at the time. A later additional share sale increased the total proceeds to roughly $29.4 billion, preserving the record in commonly cited rankings.
The company is the national oil company of Saudi Arabia and is formally known as Saudi Arabian Oil Company. Its enormous oil reserves, production capacity, and profitability made it one of the world’s most valuable public corporations after listing.
An IPO valuation differs from the amount of money raised. Proceeds measure how many shares were sold and at what price, while market capitalization estimates the value of all outstanding shares. Saudi Aramco’s listing attracted global attention because it connected Saudi capital markets with international investors.