Saudi Aramco set the record for the largest initial public offering when it began trading in 2019.
The Saudi Arabian Oil Company, commonly known as Saudi Aramco, raised about $25.6 billion in its December 2019 IPO. The shares were listed on the Saudi Stock Exchange, or Tadawul. A later additional share sale increased the total capital raised from the offering to about $29.4 billion.
The IPO was part of Saudi Arabia’s effort to diversify its economy and support Vision 2030. Saudi Aramco offered only a portion of its total shares to the public, leaving the Saudi government as the dominant shareholder. Its enormous oil reserves and production capacity made it one of the most valuable companies in the world.
Alibaba’s 2014 listing in New York had previously held the IPO record. Saudi Aramco’s offering surpassed it, although IPO rankings can vary depending on whether overallotment shares and later transactions are included.