Which company was the world’s largest IPO by market value at its 2019 listing?

Saudi Aramco was the world’s largest IPO by market value at its 2019 listing.

Saudi Aramco began trading on the Saudi Stock Exchange, Tadawul, in December 2019. The offering valued the company at about $1.9 trillion and raised roughly $25.6 billion, making it the largest initial public offering at that time.

Saudi Aramco is the national oil company of Saudi Arabia and one of the world’s largest petroleum producers. The company’s valuation is closely connected to oil production, reserves, energy prices, and expectations about future demand.

A common mix-up is to compare the money raised with the company’s total valuation. An IPO can sell only a small percentage of a company while still establishing a much larger market capitalization for the whole business.