Which company’s 2019 IPO became the world’s largest public offering at the time?

Saudi Aramco’s 2019 IPO became the world’s largest public offering at the time.

Saudi Aramco began trading on the Saudi Exchange in December 2019 after selling shares to the public. The offering raised approximately $25.6 billion, giving the company an initial valuation near $1.7 trillion. An additional share sale later increased the total raised to about $29.4 billion.

The company is formally known as Saudi Arabian Oil Company and is majority-owned by the government of Saudi Arabia. It operates one of the world’s largest integrated petroleum businesses, spanning exploration, production, refining, chemicals, and distribution.

The IPO is often confused with Alibaba’s 2014 New York listing, which held the earlier record for the largest IPO. Saudi Aramco’s offering set a new record despite listing only a small portion of the company’s total shares.