Saudi Aramco’s 2019 initial public offering was the largest ever at the time by money raised.
Saudi Aramco raised approximately $29.4 billion in its December 2019 IPO, making it the largest initial public offering ever recorded at that point. The company sold shares on the Saudi Stock Exchange, known as Tadawul, in a landmark transaction connected with Saudi Arabia’s plan to broaden its economy beyond oil.
The offering surpassed Alibaba’s 2014 IPO, which raised about $25 billion after an overallotment option. IPO rankings can change when additional shares are sold or when an overallotment option is exercised, so reported totals sometimes differ slightly between early and final figures.
Saudi Aramco remains one of the world’s largest oil producers and is majority owned by the Saudi Arabian government. Its public listing gave investors access to a small portion of an enterprise with vast hydrocarbon reserves and global refining and trading operations.