Saudi Aramco’s 2019 initial public offering was the largest in history by money raised.
Saudi Aramco sold shares on the Saudi Stock Exchange, known as Tadawul, in December 2019. The offering raised about $25.6 billion, making it the largest IPO on record at the time. An additional share-allotment option later increased the total to roughly $29.4 billion.
The listing gave public investors a stake in Saudi Arabia’s state-controlled oil company while the government retained overwhelming ownership. At its offering price, Saudi Aramco was valued at approximately $1.7 trillion; its shares briefly traded at levels implying about $2 trillion.
The company’s scale comes from Saudi Arabia’s enormous petroleum resources and its role across oil production, refining, chemicals, and distribution. Alibaba’s 2014 New York listing had previously held the record for the largest IPO proceeds.