Saudi Aramco’s 2019 initial public offering was the largest IPO ever recorded at the time.
The offering raised approximately $29.4 billion by selling shares on the Tadawul stock exchange in Saudi Arabia. The deal exceeded Alibaba’s 2014 offering, which had previously held the record, although later additional share sales and market definitions can affect comparisons.
Saudi Aramco is one of the world’s largest integrated energy companies. It explores for, produces, transports, and sells hydrocarbons, while also operating refining and petrochemical businesses. Its scale is closely connected to Saudi Arabia’s role as a leading oil producer.
The IPO was part of Saudi Arabia’s Vision 2030 economic program, which seeks to diversify the country’s economy and reduce dependence on oil revenues. Because only a minority stake was offered, the listing did not mean the Saudi government sold the entire company.